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Date:  March 20, 2012  |  Author:  Camille Salama

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.97 percent, up from 3.74 percent at this same time last week.

This signifies the highest rate recorded on Zillow Mortgage Marketplace in the last five months. The 30-year fixed mortgage rate steadily rose for the majority of the week, dropping to 3.9 percent on Monday. The rate briefly reached 4 percent late Monday night before falling to the current rate early this morning.

“Mortgage rates hit 4 percent for the first time in five months after a collection of positive news. The Federal Reserve delivered a better assessment of the economy and reduced speculation that the Fed would buy even more mortgage-backed securities, bank stress test results were more positive than many expected, and Greece’s second bailout plans appeared on track,” said Erin Lantz, director of Zillow Mortgage Marketplace.

“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,” said Lantz.

Additionally, the 15-year fixed mortgage rate this morning was 3.16 percent and for 5/1 ARMs, the rate was 2.85 percent.

What are the rates right now? Check Zillow Mortgage Marketplace for up-to-the-minute mortgage rates for your state.