Mortgage Rates Rise Only Modestly After Fed's Move

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

UPDATE 12/16/15: The The Federal Reserve moved Wednesday to lift its key rate by a quarter-point, with mortgage rates expected to rise only modestly for now. The average rate for a 30-year fixed mortgage was quoted at 3.82 percent on Zillow after the announcement.

By Lauren Braun

Mortgage rates for 30-year fixed loans rose this week, with the rate borrowers were quoted on Zillow at 3.80 percent Tuesday, up five basis points from last week.

The 30-year fixed mortgage rate hovered around 3.75 percent for most of the week before rising to the current rate.

"Mortgage rates were mostly flat last week despite some daily fluctuation," said Erin Lantz, vice president of mortgages at Zillow. "This week all eyes will be on the [Federal Reserve], which is expected to lift short-term interest rates for the first time in nine years on Wednesday. The effect on longer-term mortgage rates could be more muted as markets look for signals about the path of rate hikes in the months ahead."

Additionally, the 15-year fixed mortgage rate was 2.97 percent. For 5/1 ARMs, or adjustable-rate mortgages, the rate was 2.93 percent.

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

The Associated Press contributed to this report.

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