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Mortgage Rate Update for July 12, 2016

Mortgage Rate Update for July 12, 2016

The average rate borrowers were quoted on Zillow was 3.28 percent.

Mortgage rates increased this week for 30-year fixed mortgages to 3.28 %. About a 1 basis point increase from last week.

The rates have been steady still at all-time lows and hovering around 3.28%.

“This week, rates could begin a gradual rise as the political situation in the U.K. stabilizes but could turn volatile toward the end of the week in response to U.S. inflation and consumer spending data, and speeches by several key Federal Open Market Committee voters.”

Additionally, the 15-year fixed mortgage rate was 2.57 percent, and for 5/1 ARMs, the rate was 2.77 percent.

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