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.
Source: World Property Channel
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