Zillow’s mortgage rate ticker rose to a 12-month high as the Federal Reserve told Congress last week that the
The 30-year fixed mortgage rate, according to Zillow mortgage marketplace, is currently 3.71%. This represents an increase of 13 basis points from a week ago. The rate fluctuated between 3.65% and 3.68% for the majority of the week, before rising to the current rate.
Notable states that experienced the largest weekly change in the 30-year fixed rate were Massachusetts, Colorado, New Jersey and New York, all up by 17, 16, 15 and 15 basis points, respectively. Massachusetts’ current 30-year fixed rate is now 3.74%, while Colorado is at 3.7%, New Jersey 3.69% and New York 3.73%.
Meanwhile, the rate for a 15-year fixed home loan stands at 2.87% and the rate for a 5/1 adjustable-rate mortgage is 2.37%, Zillow said.
The Seattle-based analytic provider’s rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow mortgage marketplace website. Zillow said the rates reflect the most recent changes in the market.
“Rates spiked last week after meeting minutes revealed the Fed was contemplating scaling back economic stimulus plans much earlier than expected,” said Erin Lantz, director of Zillow mortgage marketplace.
“Now at 12-month highs, we expect rates to remain stable in the near term, but new direction from the Fed and employment figures could boost rates significantly.”
