Friday, February 15, 2013

MORTGAGE: 30-Year Fixed Mortgage Rates Continue to Rise

SEATTLE-Those who follow @GlobeStcom on Twitterand @GlobeStLIVE may have seen a post teasing the announcement, but has learned that the 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 3.44%, up two basis points from 3.42% at this same time last week. The 30-year fixed mortgage rate hovered between 3.43% and 3.48% for the majority of the week, according to a statement from the company.
Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace site. The rate for a 15-year fixed home loan is currently 2.7%, while the rate for a 5-1 adjustable-rate mortgage is 2.35%.
According to Erin Lantz, director of Zillow Mortgage Marketplace, “Despite an unexpected increase in the unemployment rate, rates ended the week essentially unchanged.”
Lantz expects that rates will remain fairly flat in the coming week “with limited economic news that might change the consensus that the economy is recovering, but at a slow and cautious pace.”
Check out the below chart for 30-year fixed mortgages by state.
And in other Zillow news, the company just launched an app to help with home improvement called Zillow Digs, where home shoppers and homeowners can find visual inspiration and understand the real cost of remodeling projects. According to Zillow, users can browse tens of thousands of photos and see Zillow's proprietary Digs Estimates for the estimated cost, based
on where they live, of the actual bathrooms and kitchens they are viewing.

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