Zillow Mortgages Reports 8 bps W/W Increase in 30-Year Fixed Rate to 3.32%

October 4, 2016 2:01 PM EDT

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The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.32 percent, up 8 basis points from this time last week. The 30-year fixed mortgage rose throughout the week before settling in at the current rate.

“Mortgage rates increased last week, erasing the previous week’s decline, due to a steady flow of strong economic data in the U.S. and more hawkish comments from central bank officials in the U.S. and Europe,” said Erin Lantz, vice president of mortgages at Zillow. “This week, markets will likely focus on Friday’s all-important jobs report and comments from key Fed officials later the same day.”

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 2.57 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.69 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 (10/4/16)Last Week’s 30-Year Fixed Rate (9/27/16)Change in Basis Points
California Mortgage Rates 3.33% 3.24%+9
Colorado Mortgage Rates 3.33% 3.21%+12
Florida Mortgage Rates 3.29% 3.25%+4
Illinois Mortgage Rates 3.31% 3.24%+7
Massachusetts Mortgage Rates 3.28% 3.23%+5
New Jersey Mortgage Rates 3.37% 3.22%+15
New York Mortgage Rates 3.33% 3.31%+2
Pennsylvania Mortgage Rates 3.35% 3.20%+15
Texas Mortgage Rates 3.34% 3.22%+12
Washington Mortgage Rates 3.29% 3.23%+6

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