Mortgage rate update - April 27

Current mortgage rates for 30-year fixed mortgages increased this week, with the current rate borrowers were quoted on Zillow at 3.49 percent, up 5 basis points from last week.

The 30-year fixed mortgage rose early in the week, then hovered around 3.50 percent before dipping to the current rate.

"Mortgage rates increased modestly last week to their highest levels since late March," said Erin Lantz, vice president of mortgages at Zillow. "With a number of important data releases scheduled for this week and Wednesday's Federal Open Market Committee statement, we expect more volatility – and possible upward momentum – moving into the second half of the week."

Additionally, the 15-year fixed mortgage rate was 2.69 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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