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30-year fixed mortgages rates spike 21 basis points to highest levels since May 2011

Zillow • Aug 22, 2013 at 4:07 PM

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.52 percent, up from 4.31 percent at this same time last week.

The 30-year fixed mortgage rate steadily rose this week, peaking at 4.58 percent on Monday before dropping near the current rate this morning.

“Mortgage rates hit a two-year high on generally positive domestic economic news and stronger-than-expected European performance,” said Erin Lantz, director of Zillow Mortgage Marketplace. “We expect rates to continue to rise gradually this week, unless Wednesday’s Federal Reserve minutes contradict expectations that the Fed will begin to wind down its stimulus program in September.”

Additionally, the 15-year fixed mortgage rate this morning was 3.48 percent, and for 5/1 ARMs, the rate was 3.18 percent.

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