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US mortgage rates remain volatile

Property Here - Wednesday, July 10, 2013

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Mortgage rates in the US have reached their highest level in two years after jumping more than 20 points last week, according to data from US real estate portal Zillow.

The data showed 30-year fixed mortgages in the US increased from 4.17 to 4.41 percent, the highest since July 2011.

The figures were based on real-time pricing of custom mortgage quotes submitted daily to anonymous borrowers on Zillow's Mortgage Marketplace site.

Zillow noted that rates were volatile all week, hovering between 4.2 percent and 4.3 percent earlier in the week, before jumping to 4.6 percent on Friday then dropping to nearer the current rate early this week.

“Rates surged on Friday after a stronger than expected jobs report and upward revisions to prior months’ unemployment levels,” said Erin Lantz, Director of Zillow Mortgage Marketplace.

“This week, rate movement will depend on whether Wednesday’s release of the Federal Open Market Committee meeting minutes and Fed Chairman Ben Bernanke's speech reinforce or depress market expectations of a September start of easing federal stimulus,” she said.

The current rate for a 15-year fixed home loan is 3.41 percent and 3.38 percent for a 5-1 adjustable-rate mortgage.