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Fixed mortgage rates hit 30-year high.

The 30-year fixed mortgage rate on Zillow(R) Mortgages is currently 3.96 percent, up eighteen points from this time last week. The 30-year fixed mortgage rate rose to 3.98 percent on Friday, then hovered there before settling at the current rate on Tuesday.

"Rates jumped sharply last week--first on the heels of news that the European Central Bank's bond buying program may end sooner than expected, then an exceptionally strong U.S. jobs report," said Erin Lantz, vice president of mortgages at Zillow. "We expect less volatility in this data-light week."

Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site, and reflect the most recent changes in the market.

These are not marketing rates, or a weekly survey. The rate for a 15-year fixed home loan is currently 3.09 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.01 percent.

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Publication:Real Estate Weekly
Date:Jun 10, 2015
Words:159
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