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Zillow Mortgages (Z) Reports 5 bps W/W Drop in 30-Year Fixed Rate to 3.75%

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The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.75 percent, down five basis points from this time last week. The 30-year fixed mortgage fell throughout the week before settling at the current rate.

“Mortgage rates fell last week despite the Fed’s decision to raise short-term lending rates,” said Erin Lantz, vice president of mortgages at Zillow. “The announcement, which had largely been priced in, contained few surprises and signaled a slow upward path for rates moving forward. This week we expect rates to be flat as markets will be quiet for the end-of-week holiday.”

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 2.95 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.00 percent.

Below are current rates for 30-year fixed mortgages by state. Additional states’ rates are available at: http://www.zillow.com/mortgage-rates.

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