Zillow Mortgages Reports 5 bps W/W Increase in 30-Year Fixed Rate to $3.37%

October 11, 2016 2:01 PM EDT

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The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.37 percent, up 5 basis points from this time last week. The 30-year fixed mortgage rose Friday to the current rate, then hovered there for the rest of the week.

“Despite a weaker-than-expected jobs report, mortgage rates rose last week to their highest levels in three months amid speculation that the European Central Bank may reduce its stimulus program sooner than expected,” said Erin Lantz, vice president of mortgages at Zillow. “This week, markets will likely focus on the tone of Wednesday’s Federal Open Market Committee September Meeting Minutes and comments from key Fed officials for more clarity on the sense of urgency for future rate hikes.”

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 2.60 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.74 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 (10/11/16)Last Week’s 30-Year Fixed Rate (10/4/16)Change in Basis Points
California Mortgage Rates 3.40% 3.33%+7
Colorado Mortgage Rates 3.40% 3.33%+7
Florida Mortgage Rates 3.34% 3.29%+5
Illinois Mortgage Rates 3.36% 3.31%+5
Massachusetts Mortgage Rates 3.34% 3.28%+6
New Jersey Mortgage Rates 3.41% 3.37%+4
New York Mortgage Rates 3.36% 3.33%+3
Pennsylvania Mortgage Rates 3.41% 3.35%+6
Texas Mortgage Rates 3.40% 3.34%+6
Washington Mortgage Rates 3.35% 3.29%+6

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