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30-year fixed mortgage rate hits 16-week high

Published: Wednesday, Jan. 9, 2013 10:34 a.m. CDT

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.33 percent, up from 3.31 percent at this same time last week.

After peaking at 3.43 percent on Friday, the 30-year fixed rate fluctuated between 3.35 and 3.4 percent over the remainder of the week before dropping to the current rate this morning.

“Last week rates rose to the highest levels in nearly four months after another solid jobs report and Federal Open Market Committee meeting minutes revealed some Fed policymakers were open to scaling back QE3 bond purchases sooner than the market had anticipated,” said Erin Lantz, director of Zillow Mortgage Marketplace.

“This coming week, with few economic data releases planned, we expect rates to remain fairly level at this new, higher plateau,” added Lantz.

Additionally, the 15-year fixed mortgage rate this morning was 2.62 percent, and for 5/1 ARMs, the rate was 2.5 percent.

What are the rates right now? Check Zillow Mortgage Marketplace for up-to-the-minute mortgage rates for your state.

*The weekly rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.

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