30-year fixed mortgages rates rise for second consecutive week

Rates expected to remain fairly stable for the rest of this week.
Zillow
Aug 7, 2013

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.28 percent, up from 4.24 percent at this same time last week.

After sharply peaking at 4.42 percent on Thursday, the rate hovered between 4.26 and 4.29 percent during the remainder of the week before dropping slightly to the current rate this morning.

“Mortgage rates initially rose last Thursday after a stronger-than-expected GDP (gross domestic product) report. However, Friday’s relatively soft jobs report erased the prior day’s gains, leaving rates essentially unchanged for the week,” said Erin Lantz, director of Zillow Mortgage Marketplace. “There are few economic reports scheduled this week, so we expect rates to remain fairly stable unless any of the Federal Reserve officials scheduled to share public remarks suggest an acceleration or delay of the Federal Reserve’s stimulus program wind down.”

Additionally, the 15-year fixed mortgage rate this morning was 3.29 percent, and for 5/1 ARMs, the rate was 3.15 percent.