Zillow Mortgages Reports 2 bps W/W Drop in 30-Year Fixed Rate to 3.27%

August 23, 2016 2:01 PM EDT

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The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.27 percent, down two basis points from this time last week. The 30-year fixed mortgage hovered around 3.28 percent for the majority of the week before dropping slightly to the current rate on Tuesday.

“Mortgage rates were essentially flat last week holding slightly above record lows,” said Erin Lantz, vice president of mortgages at Zillow. “This week rates are unlikely to move dramatically before Janet Yellen’s speech on Friday at the Kansas City Fed’s annual Jackson Hole meeting.”

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 2.56 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.64 percent.

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

StateCurrent30-Year Fixed Rate (8/23/16)Last Week’s 30-Year Fixed Rate (8/16/16)Change in Basis Points
California Mortgage Rates 3.27% 3.29%-2
Colorado Mortgage Rates 3.27% 3.27%0
Florida Mortgage Rates 3.26% 3.28%-2
Illinois Mortgage Rates 3.30% 3.30%0
Massachusetts Mortgage Rates 3.28% 3.31%-3
New Jersey Mortgage Rates 3.27% 3.28%-1
New York Mortgage Rates 3.35% 3.35%0
Pennsylvania Mortgage Rates 3.27% 3.30%-3
Texas Mortgage Rates 3.25% 3.27%-2
Washington Mortgage Rates 3.28% 3.30%-2

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