The 30-year fixed-rate mortgage (FRM) has risen for the second consecutive week to 4.18% – up four basis points from 4.14% from the week before, as reported by the Zillow Mortgage Marketplace.
The 30-year FRM hovered between 4.17% and 4.21% for the majority of the week, spiking to 4.27% on Wednesday before dropping back down to 4.18% on Thursday.
‘Last week, rates rose briefly when comments by Janet Yellen, the new Federal Reserve Chair, ended speculation that the Fed might delay the winding down of its stimulus program due to recent weak economic data,’ comments Erin Lantz, director of mortgages at Zillow.
‘During this holiday-shortened week, with limited economic data scheduled for release, we expect rates will continue to follow the gradual upward path of the past two weeks," she adds.
Zillow notes that the rate for a 15-year fixed home loan is currently 3.14%, while the rate for a 5-1 adjustable-rate mortgage is 2.71%.