30-Year Fixed Mortgages Climb Since Fiscal Cliff Resolution
By Camille Salama
SEATTLE (Zillow) — Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.31%, up from 3.24% at this same time last week.
The 30-year fixed mortgage rate hovered between 3.18% and 3.25% for the majority of the week, jumping to the current rate Wednesday.
“Last week rates remained fairly flat — until Congress approved a plan to avoid fiscal cliff tax hikes, pushing mortgage rates up slightly,” said Erin Lantz, director of Zillow Mortgage Marketplace. “Even though Congress still has to work out a plan on spending cuts, we expect rates will continue to drift upward for the next few weeks as markets refocus on economic data instead of fiscal cliff deliberations.”
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Additionally, the 15-year fixed mortgage rate this morning was 2.63%, and for 5/1 ARMs the rate was 2.54%.
What are the rates right now? Check Zillow Mortgage Marketplace for up-to-the-minute mortgage rates for your state.
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