Mortgage Rates Remain Low Despite Prospect of September Hike

Before you go, we thought you'd like these...
Before you go close icon
ZillowThe weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.

By Lauren Braun

Mortgage rates for 30-year fixed home loans rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.77 percent, up 2 basis points from the same time last week.

The 30-year fixed rate rose Wednesday, then returned to the current rate and stayed there for the rest of the week.

"Mortgage rates temporarily rose last week after [Federal Reserve Bank of Atlanta president Dennis Lockhart] said interest rates could increase in September, but ended the week essentially where they started," said Erin Lantz, vice president of mortgages at Zillow. "Mortgage rates should move lower as investors seek safety after China devalued the yuan. Friday's Consumer Sentiment data could also move rates toward the end of the week."

Additionally, the 15-year fixed mortgage rate was 2.96 percent. For 5/1 ARMs, the rate was 2.83 percent.

Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

Read Full Story

Find a New Home

Powered by Zillow

People are Reading