Zillow Mortgages Reports 6 bps W/W Drop in 30-Year Fixed Rate to 3.24%

September 27, 2016 2:01 PM EDT

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The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.24 percent, down 6 basis points from this time last week. The 30-year fixed mortgage dropped to a low of 3.21 percent on Thursday following the Fed decision to postpone an interest rate increase before settling in at the current rate.

“Mortgage rates fell by about 5 basis points last Wednesday after the Fed decided to hold short-term interest rates constant. Markets are now looking to December as the likeliest opportunity for the next interest rate hike,” said Erin Lantz, vice president of mortgages at Zillow. “This week, incoming data on GDP and inflation will provide more information on the state of the economy, and several key speeches, including Fed Chair Yellen on Wednesday, should provide clarity on the Fed’s decision last week.”

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 2.52 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 (9/27/16)Last Week’s 30-Year Fixed Rate (9/20/16)Change inBasis Points
California Mortgage Rates 3.24% 3.31%-7
Colorado Mortgage Rates 3.21% 3.32%-11
Florida Mortgage Rates 3.25% 3.29%-4
Illinois Mortgage Rates 3.24% 3.31%-7
Massachusetts Mortgage Rates 3.23% 3.29%-6
New Jersey Mortgage Rates 3.22% 3.27%-5
New York Mortgage Rates 3.31% 3.34%-3
Pennsylvania Mortgage Rates 3.20% 3.31%-11
Texas Mortgage Rates 3.22% 3.30%-8
Washington Mortgage Rates 3.23% 3.32%-9

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