Mortgage Rates Rise, but Predictions Remain Steady
By Lauren Braun
Mortgage rates for 30-year fixed loans rose this week, with the rate borrowers were quoted on Zillow Mortgages at 3.61 percent on Tuesday, up 8 basis points from the same time last week. On Thursday morning, the national rate was at 3.71%.
However, the long-predicted rise in mortgage rates still appears to be on hold. After a report that economic growth slowed during the winter, the Federal Reserve signaled Wednesday it will not raise its benchmark interest rate in the near future.
According to Zillow Mortgages, the 30-year fixed mortgage rate rose early in the week, then hovered around 3.60 percent before rising to 3.61 percent Tuesday.
“Rates were essentially flat last week, remaining in the range they have been in for the past month,” said Erin Lantz, vice president of mortgages at Zillow.
Additionally, the 15-year fixed mortgage rate was 2.84 percent, and the rate for 5/1 ARMs also was 2.84 percent.
Check Zillow Mortgages 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.
A look at the broader mortgage rate trend for the past six months:
30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio