Mortgage rates increase following week of declines, says Zillow
New data regarding mortgage rates for the week ending April 20 has found that all mortgage types posted slight increases over the course of the week despite declines one week earlier.
According to the latest data from the Zillow Mortgage Rate Monitor released on Tuesday, the average rates for 5-1 adjustable-rate mortgages had the biggest increase as it they jumped up by 0.04 percentage points to hit 3.53 percent for the week. The week prior, the average rate had dropped by 0.19 percentage points.
Similarly, the average interest rate for 30-year fixed-rate mortgages also saw a slight increase as it bumped up by 0.02 percentage points on its way to 4.90 percent for the week. One week earlier, the average rate had seen a much better week as it declined 0.20 percentage points.
Fifteen-year FRMs saw their average rate increase as well, edging up 0.02 percentage points to hit 4.31 percent for the week. The increase gave back some of the 0.08 percentage point seen the week prior.
In a week where few states saw declines in their average 30-year FRM rate, California saw the largest decrease as its rate shed 0.05 percentage points to hit 4.81 percent.