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Mortgage Rate Update – Sept 6, 2016

Mortgage Rate Update for September 6, 2016

The average rate borrowers were quoted on Zillow was 3.29 percent.

09-06-16 954AM

Current mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow at 3.29 percent, up 2 basis points from last week.

The 30-year fixed mortgage rate rose Friday to 3.35 percent, then fell to the current rate on Saturday, hovering there for the rest of the week.

“Mortgage rates increased about seven basis points after Friday’s jobs report, which, although not spectacular, proved sufficient to increase market expectations of a Fed rate hike in September,” said Erin Lantz, vice president of mortgages at Zillow. “This week rates could move around Wednesday’s Beige Book release or several Fed speeches.”

Additionally, the 15-year fixed mortgage rate was 2.57 percent, and for 5/1 ARMs, the rate was 2.67 percent.