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30-Year Fixed Mortgage Rates Hold Near 3-Year Lows; Current Rate is 3.41%, According to Zillow Mortgage Rate Ticker

SEATTLE, May 10, 2016 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.41 percent, down 3 basis points from this time last week. The 30-year fixed mortgage fell throughout the week, dipping below 3.40 percent before rising to the current rate.

“Mortgage rates fell for the second week in a row and are now back near three-year lows due to the combination of investor fears after weak European financial sector earnings and a relatively weak jobs report last Friday,” said Erin Lantz, vice president of mortgages at Zillow. “Several Fed speeches are likely to drive rates this week, although markets will also keep an eye on oil markets.”

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 2.66 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.67 percent.

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

StateCurrent
30-Year
Fixed Rate
(5/10/16)
Last Week’s
30-Year
Fixed Rate
(5/3/16)
Change in
Basis
Points
California Mortgage Rates 3.43% 3.45%-2
Colorado Mortgage Rates 3.39% 3.45%-6
Florida Mortgage Rates 3.39% 3.43%-4
Illinois Mortgage Rates 3.41% 3.46%-5
Massachusetts Mortgage Rates 3.42% 3.50%-8
New Jersey Mortgage Rates 3.41% 3.43%-2
New York Mortgage Rates 3.46% 3.47%-1
Pennsylvania Mortgage Rates 3.40% 3.47%-7
Texas Mortgage Rates 3.40% 3.45%-5
Washington Mortgage Rates 3.39% 3.44%-5


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.

Zillow is a registered trademark of Zillow, Inc.

Media Contact: Catharine Neilson, Zillow press@zillow.com

Source: Zillow Group, Inc.