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Mortgage Rates Up on Greek Bailout 2.0: Zillow

Signaling the still-steady role played by eurozone affairs in U.S. markets, real estate Web site ""ZIllow"":http://www.zillow.com/homes/for_sale/Dallas-TX/ found interest rates for mortgage loans by and large rising this week.

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The Web site found the 30-year fixed-rate mortgage ticking up to land somewhere between 3.67 percent and 3.76 percent before arriving at the latter rate Tuesday.

For the 15-year loan, the rate hovered around 3 percent, while rates for 5-year and 1-year adjustable-rate

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mortgages stayed near 2.75 percent.

""Rates drifted slightly up this past week, on expectations of progress in Greece's bailout negotiations and improving U.S. economic news,"" ""Erin Lantz"":http://12.129.17.108/profile/Erin-Lantz/, director of Zillow Mortgage Marketplace, said in a statement.

On Tuesday Europe's finance ministers reportedly cobbled together a $172-billion bailout package for Greece to save the debt-saddled Mediterranean country from sovereign default, a scenario that likely would have resulted in more credit slashing by rating agencies and tipped still-recovering financial markets.

Europe remains on the horizon for many mortgage lenders and borrowers that depend on interest rates benchmarked against Treasury yields, which widen or shrink depending on investor turnout ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a recently high figure with overseas investors trading up for U.S. Treasury debt.

The news Tuesday reportedly lured investors back to Europe, sending up rates for mortgage loans.

""With a shortened and relatively slow week for U.S. economic data, we expect rates to remain fairly steady,"" Lantz added.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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