Zillow Mortgages Reports 2 bps W/W Drop in 30-Year Fixed Rate to 3.38%

November 8, 2016 2:45 PM EST

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The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.38 percent, down 2 basis points from this time last week. The 30-year fixed mortgage hovered around 3.40 percent for most the week, then settled around the current rate on Tuesday.

“Mortgage rates were volatile but on average flat last week given heightened uncertainty about the U.S. political outlook,” said Erin Lantz, vice president of mortgages at Zillow. “This week all eyes will be on Tuesday’s general election and the aftermath. Several Fed speeches later in the week could also move markets, though they will likely be drowned out by movements associated with political developments.”

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 2.65 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.68 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 (11/8/16)Last Week’s 30-Year Fixed Rate (11/1/16)Change in Basis Points
California Mortgage Rates 3.38% 3.41%-3
Colorado Mortgage Rates 3.39% 3.37%+2
Florida Mortgage Rates 3.39% 3.43%-4
Illinois Mortgage Rates 3.38% 3.42%-4
Massachusetts Mortgage Rates 3.42% 3.34%+8
New Jersey Mortgage Rates 3.37% 3.40%-3
New York Mortgage Rates 3.45% 3.46%-1
Pennsylvania Mortgage Rates 3.40% 3.40%0
Texas Mortgage Rates 3.37% 3.39%-2
Washington Mortgage Rates 3.38% 3.42%-4

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