Zillow: 30-Year Mortgage Rate Rises To 3.86%

by Natalie Tadena, WSJ

Real-estate website Zillow Inc. (Z) said Tuesday its real-time rate on 30-year fixed mortgages rose slightly in the last week.

Zillow said the 30-year fixed mortgage rate on its Mortgage Marketplace is at 3.86%, up from 3.8% a week earlier. The company said the 30-year fixed mortgage rate hovered between 3.82% and 3.85% for most of the week and peaked at 3.93% on Monday before dropping to the current rate.

Many mortgage trackers have reported low rates lately, as worries about European debt pressure yields on U.S. Treasury bonds. Mortgage rates tend to follow the yields. Zillow said this is the fifth-consecutive week the 30-year fixed mortgage rate has stayed below 4%.

"Talk of a possible third round of economic stimulus and some optimism around progress in European Union debt purchase plans spiked interest rates on Monday," said Erin Lantz, director of Zillow Mortgage Marketplace. "However, that spike has already been offset as of Tuesday morning, and we expect continued volatility as we await news from Europe and the Federal Reserve in the coming weeks."

Tuesday, Zillow also said the rate for a 15-year fixed home loans is 3.21%, up from 3.16% a week earlier. The rate for a 5-1 adjustable-rate mortgage is 2.68%, up from 2.57%; a 5-1 ARM has an initial rate that applies for the first five years of the loan and then adjusts annually.

 

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