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Mortgage Rate Update – May 5, 2015

 

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.73 percent, up 12 basis points from the same time last week.

The 30-year fixed mortgage rate rose early in the week, then hovered around 3.67 percent before rising to the current rate Tuesday.

“After rising early last week, rates flattened as weak Q1 GDP data gave markets another reason to believe the Fed’s first interest rate hike is further away,” said Erin Lantz, vice president of mortgages at Zillow. “This week, markets will focus on Friday’s jobs report and a couple Fed speeches. We expect rates to remain flat or increase slightly.”

Additionally, the 15-year fixed mortgage rate was 2.90 percent, and for 5/1 ARMs, the rate was 2.79 percent.

Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

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