30-Year Fixed Mortgage Rates Hit Five Month-High in US, Says Zillow

30-Year Fixed Mortgage Rates Hit Five Month-High in US, Says Zillow

Residential News » North America Residential News Edition | By David Barley | January 31, 2013 8:00 AM ET

Up-Arrow-Money-Chart.jpg According to Zillow this week, 30-year fixed rate mortgages in the US are currently at 3.42 percent, up 14 basis points from 3.28 percent at this same time last week. After jumping to 3.45 percent on Friday, the 30-year fixed rate stayed flat over the remainder of the weekend before dropping to the current rate this morning.

"Mortgage rates spiked to a 5 month-high last week as markets reacted to positive domestic and international economic news. Another strong weekly jobs report suggested the U.S. economic recovery is picking up steam," said Erin Lantz, director of Zillow Mortgage Marketplace. "Abroad, markets welcomed news that many banks were planning to pay back the European Central Bank earlier than expected, suggesting some underlying strength in a European economic recovery."

If we continue to see the steady stream of strong economic indicators this week, we anticipate rates will rise slightly higher," added Lantz.

Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.

The rate for a 15-year fixed home loan is currently 2.71 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.43 percent.

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