Zillow Mortgages Reports 7 bps W/W Increase in 30-Year Fixed Rate to 3.40%

The 30-year fixed mortgage rate on is currently 3.40 percent, up 7 basis points from this time last week. The 30-year fixed mortgage rate rose throughout the week, then settled around the current rate on Tuesday.

“Mortgage rates increased last week to their highest levels since early June following a string of strong economic data in the U.S. and Europe raising the probability that monetary policy in both regions will tighten sooner rather than later,” said Erin Lantz, vice president of mortgages at Zillow. “This week Friday’s Jobs Report is the main event for economic news, but financial markets could be jumpy ahead of the U.S. presidential election.”

Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.

The rate for a 15-year fixed home loan is currently 2.67 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.71 percent.

Below are current rates for 30-year fixed mortgages by state. Additional states’ rates are available at: http://www.zillow.com/mortgage-rates.

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