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30-Year Fixed Rates Climb to 3.86%

30-year fixed rate mortgage rates have rebounded, but remain at a lower level than they were last week.

Zillow Inc.’s Z +0.75% real-time rate tracker showed that on Tuesday, 30-year fixed rate mortgages had a 3.86% interest rate, slightly up from Thursday’s low of 3.82% but still lower than the 3.92% they were at one week ago.

30-year fixed rates bounce back © Tyler Olson - Fotolia.com

Zillow bases its real-time mortgage rates on the thousands of quotes that are submitted via its site to anonymous borrowers each day.

The 3.82% interest rates recorded last Thursday were the lowest recorded by Zillow since its launch in 2008, reported the company. Numerous other mortgage rate trackers have recorded historic lows recently, as mortgage rates tend to follow the trend of U.S. Treasury bond yields, which have been pressured by the economic problems in Europe.

Erin Lantz, the director of Mortgage Marketplace, said that the reason for rates inching back up since Thursday was due to the rebound of stocks following widespread optimism for a recovery in Europe. Lantz added that she expected near-term interest rate movements would become a lot more visible from early October, after the Federal Reserve starts buying mortgage-backed securities.

Elsewhere, Zillow recorded rates for a 15-year fixed rate mortgage at 3.16%, up from 3.13% a week before, while 5-1 adjustable rate mortgage rates were reported to be 2.73%, an increase from last week’s 2.67%.

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

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