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Zillow Says 30-Year Mortgage Rate Rises to 3.5%

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The 30-year fixed mortgage rate on Zillow Mortgage Marketplace (NASDAQ: Z) is currently 3.5 percent, up eight basis points from 3.42 percent at this same time last week. The 30-year fixed mortgage rate hovered between 3.4 and 3.6 percent for the majority of the week, dropping to the current rate this morning.

"Rates hit 3.5 percent for the first time in 10 weeks, as sentiment toward both Europe and the U.S. economy improved, reducing market expectations for a third round of rate-lowering stimulus in the form of Quantitative Easing (QE3)," said Erin Lantz, director of Zillow Mortgage Marketplace.

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