Mortgage rate update - May 25

Current mortgage rates for 30-year fixed mortgages increased this week, with the current rate borrowers were quoted on Zillow at 3.48 percent, up 8 basis points from last week.

The 30-year fixed mortgage rose Wednesday, then hovered around 3.48 percent for the rest of the week.

"Mortgage rates rose by about five basis points last Wednesday after the Federal Reserve's March meeting minutes suggested a higher likelihood of a Federal Funds Rate hike in June," said Erin Lantz, vice president of mortgages at Zillow. "While rates have since retreated from Wednesday's increase, this week, markets will carefully parse several scheduled Fed speeches for further signs about the path of short-term interest rates ahead but volume could be light heading into the holiday weekend."

Additionally, the 15-year fixed mortgage rate was 2.72 percent, and for 5/1 ARMs, the rate was 2.76 percent.

Check Zillow 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.

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

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