By Dow Jones Business News,
January 07, 2014, 02:36:00 PM EDT
By Tess Stynes
Real-estate website Zillow Inc. ( Z ) said its real-time rate on 30-year fixed-rate mortgages rose slightly in the
latest week, continuing a trend of higher rates.
The 30-year fixed-mortgage rate on Zillow'sMortgage Marketplace, which tracks mortgages on the company's website,
increased to 4.39% from 4.38% a week earlier.
"This week rates should remain steady unless the December jobs report released Friday reveals unexpected insights into
the health of the U.S. labor market," said Erin Lantz, director of Zillow Mortgage Marketplace.
The unemployment rate is a factor the Federal Reserve has been watching as it considers how quickly it will wind down
its bond-buying stimulus program and when it will raise the benchmark federal funds rate. The Fed has held short-term
rates near zero since December 2008 to help the U.S. economy recover.
Zillow said the rate for a 15-year fixed home loan was 3.35% compared with 3.34% last week. The rate for a 5-1
adjustable-rate mortgage was 2.89%, down from 2.93%. A 5-1 ARM has an initial rate that applies for the first five years
of the loan and then adjusts annually.
Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous
borrowers through the company's website.
Write to Tess Stynes at email@example.com
(END) Dow Jones Newswires
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