Zillow Mortgages Reports 2 bps W/W Increase in 30-Year Fixed Rate to 3.31%

September 13, 2016 2:01 PM EDT

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The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.31 percent, up 2 basis points from this time last week. The 30-year fixed mortgage rose Friday to 3.38 percent, then fell steadily back to the current rate over the rest of the week.

“Mortgage rates spiked almost 10 basis points late last week, reaching the highest levels since July before retreating, as markets react to the inevitability of tighter monetary policy in the U.S. and Europe,” said Erin Lantz, vice president of mortgages at Zillow. “This week markets are likely to be particularly jumpy in response to incoming data with eyes toward next week’s Federal Open Market Committee 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 2.66 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-YearFixed Rate(9/13/16)Last Week’s30-YearFixed Rate(9/6/16)Change inBasisPoints
California Mortgage Rates 3.30% 3.29%+1
Colorado Mortgage Rates 3.29% 3.31%-2
Florida Mortgage Rates 3.31% 3.26%+5
Illinois Mortgage Rates 3.33% 3.31%+2
Massachusetts Mortgage Rates 3.32% 3.28%+4
New Jersey Mortgage Rates 3.33% 3.28%+5
New York Mortgage Rates 3.38% 3.37%+1
Pennsylvania Mortgage Rates 3.31% 3.30%+1
Texas Mortgage Rates 3.30% 3.30%0
Washington Mortgage Rates 3.27% 3.35%-8

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