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Mortgage Rate Update – January 28, 2016

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow at 3.61 percent, up 2 basis points from last week.

The 30-year fixed mortgage rate rose to 3.63 percent on Friday and hovered there before falling to the current rate on Monday.

“Despite minor fluctuations, mortgage rates were roughly flat last week, holding near 9-month lows,” said Erin Lantz, vice president of mortgages at Zillow. “We expect more volatility this week with important GDP data on Friday and, more significantly, a Fed meeting mid-week which should provide the first read on the Central Bank’s reaction to recent financial turmoil.”

Additionally, the 15-year fixed mortgage rate was 2.81 percent, and for 5/1 ARMs, the rate was 2.77 percent.


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