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Mortgage Rates Climb as Economy, Europe Improve

Good news about the economy and better results in Greece helped reverse declines for still-low mortgage rates for the first time in five months, according to ""Zillow"":http://www.zillow.com/.

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The real estate Web site delivered a Mortgage Marketplace report that fielded 3.97 percent for the 30-year fixed-rate mortgage, up 23 basis points from 3.74 percent last week.

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The interest rate for a 15-year loan climbed to 3.16 percent, just as rates for 5-year and 1-year adjustable-rate mortgages hovered near 2.85 percent.

""Mortgage rates hit 4 percent for the first time in five months after a collection of positive news,"" ""Erin Lantz"":http://www.zillow.com/profile/Erin-Lantz/, director of the Zillow Mortgage Marketplace, said in a statement.

She ascribed developments to the Fed's upbeat economic assessment, higher-performing stress tests for systemically important banks, and steady progress for a second flush of bailout funds in Greece.

""Rate movement this coming week should help indicate whether we return to the even lower levels we've enjoyed for the past five months, or whether we've reached a new plateau,"" she added.

Interest rates for mortgage loans have remained at or near record lows as a result of the ongoing debt crisis in Europe, which euro zone finance ministers scrambled to repair last fall and earlier this year.

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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