Thirty-Year Fixed Rates Rise for Second Consecutive Week

SEATTLE-The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.28%, up four basis points from 4.24% at this time last week. After sharply peaking at 4.42% late last week, the rate hovered between 4.26 and 4.29 %during the remainder of the week before dropping slightly to the current rate Tuesday.

“Mortgages rates initially rose last Thursday after a stronger than expected GDP report. However, Friday’s relatively soft jobs report erased the prior day’s gains, leaving rates essentially unchanged for the week,” said Erin Lantz, director of Zillow Mortgage Marketplace.“There are few economic reports scheduled this week, so we expect rates to remain fairly stable unless any of the Federal Reserve officials scheduled to share public remarks suggest an acceleration or delay of the Federal Reserve’s stimulus program wind down.”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.