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Zillow (Z) Reports 8 bps Drop in 30-Fixed Mortgage Rates W/W to 3.75%

August 4, 2015 2:25 PM EDT

The 30-year fixed mortgage rate on Zillow (Nasdaq: Z) Mortgages is currently 3.75 percent, down eight basis points from this time last week. The 30-year fixed mortgage rate dropped Friday, then hovered around the current rate for the rest of the week.

"Mortgage rates plummeted last Friday to their lowest level since May after U.S. data showed very weak wage growth in Q2," said Erin Lantz, vice president of mortgages at Zillow. "Looking ahead, since wage growth will be an important consideration in future interest rate hikes, markets will look to this Friday's jobs report for hints about wage trends."

Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.

The rate for a 15-year fixed home loan is currently 2.92 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.72 percent.

Purchase Mortgage Application Activity

Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity increased by 1 percent from the week prior. Zillow combines loan requests made on Zillow Mortgages last week with the previous week's Mortgage Bankers Association (MBA) Weekly Application Index to predict the MBA's Weekly Application Index for purchase loans, which will be released tomorrow. For more information about this prediction, visit http://www.zillow.com/research/mortgage-app-index-part-one-7016/.

Below are current rates for 30-year fixed mortgages by state. Additional states' rates are available at: http://www.zillow.com/mortgage-rates.

StateCurrent 30-Year Fixed Rate (8/4/15)Last Week's 30-Year Fixed Rate (7/28/15)Change in Basis Points
California Mortgage Rates3.75%3.81%-6
Colorado Mortgage Rates3.73%3.79%-6
Florida Mortgage Rates3.79%3.86%-7
Illinois Mortgage Rates3.73%3.83%-10
Massachusetts Mortgage Rates3.72%3.79%-7
New Jersey Mortgage Rates3.76%3.82%-6
New York Mortgage Rates3.77%3.88%-11
Pennsylvania Mortgage Rates3.74%3.81%-7
Texas Mortgage Rates3.73%3.80%-7
Washington Mortgage Rates3.72%3.80%-8


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