SEATTLE, Dec. 06, 2016 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.91 percent, up 4 basis points from this time last week. The 30-year fixed mortgage rose early last week, briefly moving above 3.95 percent on Friday, then hovered around the current rate for the rest of the week.
“Mortgage rates jumped about 10 basis points last week on news that OPEC has at last agreed to output cuts which could lift inflation in the months ahead. Since inflation is one of the key variables that the Fed is looking at when deciding on the pace of interest rate hikes, higher inflation could mean higher rates in the near term,” said Erin Lantz, vice president of mortgages at Zillow. “This week there is little economic news on the horizon though a new bout of political uncertainty in Europe driven by looming elections in Italy and France could drive rates down as investors seek safe assets.”
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 3.12 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.05 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 (12/6/16) | Last Week’s 30-Year Fixed Rate (11/29/16) | Change in Basis Points | ||||||
| California Mortgage Rates | 3.90 | % | 3.86 | % | +4 | ||||
| Colorado Mortgage Rates | 3.91 | % | 3.86 | % | +5 | ||||
| Florida Mortgage Rates | 3.93 | % | 3.86 | % | +7 | ||||
| Illinois Mortgage Rates | 3.89 | % | 3.88 | % | +1 | ||||
| Massachusetts Mortgage Rates | 3.91 | % | 3.85 | % | +6 | ||||
| New Jersey Mortgage Rates | 3.90 | % | 3.86 | % | +4 | ||||
| New York Mortgage Rates | 3.92 | % | 3.95 | % | -3 | ||||
| Pennsylvania Mortgage Rates | 3.89 | % | 3.88 | % | +1 | ||||
| Texas Mortgage Rates | 3.92 | % | 3.87 | % | +5 | ||||
| Washington Mortgage Rates | 3.90 | % | 3.86 | % | +4 | ||||
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.
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