US 30-yr mortgage rates up in latest wk-Zillow

By Julie Haviv

NEW YORK, Oct 19 (BestGrowthStock) – Interest rates on 30-year
fixed-rate mortgages rose for the first time in five weeks,
real estate website Zillow.com said on Tuesday.

Interest rates, however, remain historically low, offering
a glimmer of hope for a housing market that still faces plenty
of obstacles. Rock-bottom rates may boost home loan refinancing
activity and also makes homes more affordable.

Mortgage rates on 30-year fixed mortgages, the most widely
used loan, were 4.14 percent Tuesday afternoon, up from 4.13
percent at the same time last week, according to Zillow
Mortgage Marketplace.

The previous week was the lowest rate reported since Zillow
Mortgage Marketplace launched in April 2008.

The 30-year fixed mortgage rate peaked at 4.19 percent on
Sunday, and then steadily declined for the remainder of the
week, Zillow said.

Interest rates on other types of mortgages were mixed.

Fifteen-year fixed mortgage rates were 3.60 percent, down
from 3.65 percent the previous week. Rates for 5/1
adjustable-rate mortgages, or ARMs, set at a fixed rate for
five years and adjustable each following year, were 3.00
percent, up from 2.98 percent the previous week.

Zillow’s rates are based on thousands of custom mortgage
quotes submitted daily to anonymous borrowers through the
website. They are not marketing rates, or a weekly survey.

Mortgage rates are linked to yields on Treasuries and
yields on mortgage-backed securities. Yields move inversely to
price.

Mortgage rates may head lower.

Treasuries rose on Tuesday as investors sought safe-haven
long-term U.S. debt.
(Editing by Jan Paschal)

US 30-yr mortgage rates up in latest wk-Zillow