Reversing last week's trend, the 30-year, fixed-mortgage rate increased for the week ending Tuesday to 4.3%, according to the Zillow Mortgage Marketplace
weekly update. The rate rose from 4.27% the week prior
Zillow said the current 15-year, fixed-average rate is 3.68% and the rate for a 5-1 adjustable rate mortgage is 3.01%. That type of mortgage maintains a steady rate for five years and then is adjusted annually thereafter.
Regionally, 30-year rates vary, but the majority of states witnessed a rate inflation. Colorado's average rate spiked to 4.48% from 4.31% prior. Rates in California also increased substantially to 4.32% from 4.23% the previous week, while Florida's rate increased to 4.33% from 4.27%, and New Jersey saw its average rate rise to 4.29% from 4.22%.
The current rate in Texas decreased week-over-week to 4.24% from 4.32%, as did Illinois' down to 4.23% from 4.34%. Rates in Massachusetts are down to the national average of 4.3% from 4.35% and rates in New York fell to 4.31%.
Zillow bases its averages on real-time mortgage quotes from lenders registered with the company. The national average comes from thousands of daily quotes by anonymous borrowers through the Seattle-based company's website.
Write to Christine Ricciardi