Zillow: 30-Year Mortgage Rate Drops Back to Record Low
The national, 30-year fixed-mortgage rate (FRM) slightly decreased from a week earlier, reverting back to the record low average of 4.28% set two weeks ago, according to the Zillow Mortgage Marketplace weekly update. This is down 0.02% from last week. Regionally, 30-year rates vary, but the majority of states witnessed a deflation. Most large states saw a decline in rates: California's current rate of 4.33% is down from 4.34% last week; New Jersey's at 4.26% is down from 4.28%; Pennsylvania's at 4.32% is down from 4.33%; Illinois' at 4.3% is down from 4.34%, and Florida's at 4.21% is down from 4.24%. Rates substantially decreased in New York to 4.25% from 4.41% and Texas to 4.19% from 4.29%. Rates increased in Massachusetts to 4.22% from 4.28%. Zillow reported the national average rate for 15-year fixed home loans remained flat at 3.86%, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.23%. Zillow's rates are based on real-time mortgage quotes from lenders registered with, but not exclusively bound to the company. The national average comes from thousands of daily quotes given to anonymous borrowers through their website. State averages are also available. Write to Christine Ricciardi. The author holds no relevant investments.