Zillow Mortgages Reports 5 bps Drop in 30-Year Fixed Rate to 3.44%
The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.44 percent, down 5 basis points from this time last week. The 30-year fixed mortgage fell early in the week, then hovered around 3.45 percent before dipping to the current rate.
“Mortgage rates fell after last Wednesday’s Federal Open Market Committee statement, reversing their gains of the previous week,” said Erin Lantz, vice president of mortgages at Zillow. “This week all eyes will be on Friday’s jobs report and rates could shift if employment or wages miss expectations.”
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 2.66 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.70 percent.
Below are current rates for 30-year fixed mortgages by state. Additional states’ rates are available at: http://www.zillow.com/mortgage-rates.
| State | Current30-Year Fixed Rate (5/3/16) | Last Week’s 30-Year Fixed Rate (4/26/16) | Change in Basis Points | ||||||
| California Mortgage Rates | 3.45 | % | 3.48 | % | -3 | ||||
| Colorado Mortgage Rates | 3.45 | % | 3.48 | % | -3 | ||||
| Florida Mortgage Rates | 3.43 | % | 3.48 | % | -5 | ||||
| Illinois Mortgage Rates | 3.46 | % | 3.50 | % | -4 | ||||
| Massachusetts Mortgage Rates | 3.50 | % | 3.54 | % | -4 | ||||
| New Jersey Mortgage Rates | 3.43 | % | 3.49 | % | -6 | ||||
| New York Mortgage Rates | 3.47 | % | 3.55 | % | -8 | ||||
| Pennsylvania Mortgage Rates | 3.47 | % | 3.51 | % | -4 | ||||
| Texas Mortgage Rates | 3.45 | % | 3.50 | % | -5 | ||||
| Washington Mortgage Rates | 3.44 | % | 3.50 | % | -6 | ||||