Mortgage interest rates ticked up ever so slightly last week but still remained near a 3-year low, according to a new report from Zillow.
Zillow’s latest report on the interest rates borrowers are quoted on its mortgage marketplace showed that during the last week, mortgage interest rates remained near their lowest level since 2013.
According to Zillow’s report, current mortgage rates for 30-year fixed mortgages went up slightly, with current rate borrowers quoted on Zillow at 3.47%, up 2 basis points from the week before, when the 30-year fixed-rate mortgage finished up at 3.45%.
Zillow’s report showed that the 30-year fixed mortgage rate hovered around 3.45% for much of the week before rising to the current rate of 3.47%.
“Despite some volatility, mortgage rates were roughly flat last week holding near three-year lows,” said Erin Lantz, vice president of mortgages at Zillow.
“This week, several Fed speeches should provide insight into current thinking of the Federal Open Market Committee, and inflation data could move rates higher if stronger than expected,” Lantz continued. “However, given recent history, the likeliest path is for rates to remain roughly flat.”
According to Zillow’s report, borrowers on Zillow were quoted an average 15-year fixed mortgage rate of 2.69%. For 5/1 adjustable-rate mortgages, the rate was 2.78%.
The results of Zillow’s report mirror the most recent interest rate data from Freddie Mac’s Primary Mortgage Market Survey, which showed that the 30-year fixed-rate mortgage dropped to 3.62% for the week ending Feb. 25, 2016, down from last week when it averaged 3.65%.