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Zillow: Mortgage rates rise due to strong economic data

Expects rates to continue rising

The interest rate for a 30-year, fixed-rate mortgage rose last week, riding a wave of positive economic data according to a new report from Zillow (Z). 

Current rate borrowers were quoted an average interest rate of 3.66% on Zillow’s Mortgage Marketplace in the week that ended Tuesday, up from 3.56% last week.

"Strong U.S. economic data pushed mortgage rates up last week, overcoming any potential headwinds from continued turmoil in Europe that would've pushed rates down," said Erin Lantz, vice president of mortgages at Zillow.

"We expect rates will move slightly higher this week as international headlines should again dominate market movements in this data-sparse week."

According to Zillow, the 30-year FRM rose through most of the week, peaking at 3.73% on Monday.

The rates found by potential borrowers on Zillow’s mortgage marketplace were slightly above the rates reported by Freddie Mac in its weekly report.

According to Freddie, 30-year fixed-rate mortgage averaged 3.59% for the week ending February 5, 2015, down from last week when it averaged 3.66%. A year ago at this time, the 30-year FRM averaged 4.32%, Freddie said.

Additionally, Zillow reported that the rate for a 15-year fixed home loan is currently 2.93%, while the rate for a 5-1 adjustable-rate mortgage is 3.0%.

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