Mortgage Rates Jump Higher, Approaching 4%

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 loans rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.96 percent, up 18 basis points from the same time last week.

The 30-year fixed mortgage rate rose to 3.98 percent 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."

Additionally, the 15-year fixed mortgage rate was 3.09 percent. For 5/1 ARMs, the rate was 3.01 percent.

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

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