US Mortgage Rates Jump Again

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The 30-year fixed mortgage has jumped to from 4.17 percent to 4.41 percent in the last week, hitting the highest level since July, 2011, according to data tracked by Zillow.

The rates have been volatile all week, Zillow found. The rate hovered between 4.2 and 4.3 percent early last week, spiked to 4.6 percent on Friday and through the weekend,
before declining near the current rate early this week, Zillow reports.

"Rates surged on Friday after a stronger than expected jobs report and upward revisions to prior months' unemployment levels," said Erin Lantz, director of Zillow Mortgage Marketplace. "This week, rate movement will depend on whether Wednesday's release of the Federal Open Market Committee meeting minutes and Fed Chairman Ben Bernanke's speech reinforce or depress market expectations of a September start of easing federal stimulus."

Zillow bases its data on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace site, which suggests they reflect real time pricing.

The rate for a 15-year fixed home loan is currently 3.41 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.38 percent, Zillow said