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Zillow Report Shows Rise in Mortgage Rates

Zillow Mortgage Marketplace, operated by the online real estate database Zillow, released its weekly mortgage rates Tuesday. Zillow reports that 30-year fixed mortgage rates rose slightly to 4.14 percent, reversing the previous week’s decline from 4.09 percent at this time last week.

The 30-year fixed rate mortgage rose early last week before leveling off near 4.13 percent on Friday.

"Rates were essentially unchanged last week despite a weaker than expected jobs report," said Erin Lantz, director of mortgages at Zillow. "Although this week marks Janet Yellen’s first Congressional testimony as the new Federal Reserve Chair, we expect rates will remain fairly flat."

Zillow, in a press release, said it bases its mortgage rate numbers, "on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace site, and reflect the most recent changes in the market."

The rate for a 15-year fixed home loan is currently 3.13 percent, while the rate for a 5/1 adjustable-rate mortgage (ARM) is 2.80 percent.

About Author: Colin Robins

Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News' sister site.

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