SEATTLE, March 08, 2016 (GLOBE NEWSWIRE) — The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.53 percent, up seven basis points from this time last week. The 30-year fixed mortgage rose early in the week before settling around the current rate.
“Mortgage rates moved decisively higher last week on a string of strong U.S. economic data – including a healthy jobs report and long-awaited signals that major oil producers might at last be willing to cut output to drive energy prices higher,” said Erin Lantz, vice president of mortgages at Zillow. “Even following last week’s increase, mortgage rates remain near their lowest levels for the past year and are unlikely to move dramatically higher in this data-sparse 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 2.70 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.88 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 | Current 30-Year Fixed Rate (3/8/16) |
Last Week’s 30-Year Fixed Rate (3/1/16) |
Change in Basis Points |
||||||
| California Mortgage Rates | 3.53 | % | 3.45 | % | +8 | ||||
| Colorado Mortgage Rates | 3.53 | % | 3.46 | % | +7 | ||||
| Florida Mortgage Rates | 3.54 | % | 3.44 | % | +10 | ||||
| Illinois Mortgage Rates | 3.54 | % | 3.47 | % | +7 | ||||
| Massachusetts Mortgage Rates | 3.56 | % | 3.50 | % | +6 | ||||
| New Jersey Mortgage Rates | 3.55 | % | 3.45 | % | +10 | ||||
| New York Mortgage Rates | 3.58 | % | 3.54 | % | +4 | ||||
| Pennsylvania Mortgage Rates | 3.53 | % | 3.44 | % | +9 | ||||
| Texas Mortgage Rates | 3.50 | % | 3.46 | % | +4 | ||||
| Washington Mortgage Rates | 3.49 | % | 3.46 | % | +3 | ||||
About Zillow Mortgages
Zillow Mortgages, operated by Zillow, Inc., is a free, open, and transparent lending marketplace, where borrowers connect with lenders to find loans and get the best mortgage rates. Borrowers anonymously submit loan requests and receive an unlimited number of custom mortgage quotes with real rates directly from thousands of competing lenders. Zillow Mortgages also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories. Zillow is a registered trademark of Zillow, Inc.
Media Contact: Catharine Neilson, Zillowpress@zillow.com