Tuesday, October 15, 2013

Zillow: 30-Year Fixed Mortgage Rates increase slightly to 4.16%

by Bill McBride on 10/15/2013 02:34:00 PM

The Freddie Mac Weekly Primary Mortgage Market Survey® will be released on Thursday (the series I usually follow), but here is a release from Zillow today: 30-Year Fixed Mortgage Rates Rise Slightly For Second Consecutive Week; Current Rate is 4.16%

The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 4.16 percent, up five basis points from 4.11 percent at this time last week. The 30-year fixed mortgage rates hovered between 4.11 and 4.14 percent for the majority of the week before rising to the current rate this morning.

“Rates rose slightly last week, but remain relatively unchanged since the government shutdown began two weeks ago,” said Erin Lantz, director of mortgages at Zillow. “Despite some non-government economic data scheduled to be released next week, we expect rates to remain fairly steady until the government re-opens and releases more insightful data on the health of the economy.”

The rate for a 15-year fixed home loan is currently 3.18 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.84 percent.
This is down from mid-August when 30 year fixed rates were at 4.58% (Freddie Mac survey).  Last year rates averaged 3.38% in October 2012. 

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