Zillow: U.S. 30-year mortgage rate rises again
Real-estate website Zillow Inc. (NASDAQ:Z) said Tuesday its real-time rate on 30-year, fixed mortgages rose a second week in a row, after it hit an all-time low in September.
Zillow said the 30-year, fixed mortgage rate on its Mortgage Marketplace rose to 3.26% from 3.19% a week earlier, after the rate hovered between 3.18% and 3.28% for most of the week. The Mortgage Marketplace launched in April 2008.
Erin Lantz, director of Zillow Mortgage Marketplace, said the company expects rates to remain fairly steady this week, as it doesn’t foresee any upcoming news that could offset the optimistic tone set by last weeks employment figures, which showed unemployment falling to 7.8% last month.
On Tuesday, Zillow said the rate for a 15-year, fixed home loan was 2.63%, up from 2.6% a week earlier.
The rate for a 5-1 adjustable-rate mortgage was flat at 2.52%. A 5-1 ARM has an initial rate that applies for the first five years of the loan and then adjusts annually.
Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the company’s website.