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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.”

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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