30-year fixed mortgage rate hits 16-week high
Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.33 percent, up from 3.31 percent at this same time last week.
After peaking at 3.43 percent on Friday, the 30-year fixed rate fluctuated between 3.35 and 3.4 percent over the remainder of the week before dropping to the current rate this morning.
“Last week rates rose to the highest levels in nearly four months after another solid jobs report and Federal Open Market Committee meeting minutes revealed some Fed policymakers were open to scaling back QE3 bond purchases sooner than the market had anticipated,” said Erin Lantz, director of Zillow Mortgage Marketplace.
“This coming week, with few economic data releases planned, we expect rates to remain fairly level at this new, higher plateau,” added Lantz.