Mortgage Rates Remain Low Despite Economic Uncertainty
By Lauren Braun
Mortgage rates for 30-year fixed loans rose slightly this week, with the rate borrowers were quoted on Zillow at 3.61 percent, up two basis points from last week.
The 30-year fixed mortgage rate rose to 3.63 percent on Friday and hovered there before retreating.
“Despite minor fluctuations, mortgage rates were roughly flat last week, holding near nine-month lows,” said Erin Lantz, vice president of mortgages at Zillow. “We expect more volatility this week with important GDP [gross domestic product] data on Friday and, more significantly, a Fed meeting mid-week which should provide the first read on the Central Bank’s reaction to recent financial turmoil.”
The 15-year fixed mortgage rate was 2.81 percent. For 5/1 ARMs, or adjustable-rate mortgages, the rate was 2.77 percent.
Check Zillow for rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.