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30-Year Fixed Mortgage Rates Rise as Chances of a Rate Hike Increase; Current Rate is 3.48%, According to Zillow Mortgage Rate Ticker

SEATTLE, May 24, 2016 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.48 percent, up eight basis points from this time last week. The 30-year fixed mortgage rose Wednesday, then hovered around 3.48 percent for the rest of the week.

“Mortgage rates rose by about five basis points last Wednesday after the Federal Reserve’s March meeting minutes suggested a higher likelihood of a Federal Funds Rate hike in June,” said Erin Lantz, vice president of mortgages at Zillow. “While rates have since retreated from Wednesday’s increase, this week, markets will carefully parse several scheduled Fed speeches for further signs about the path of short-term interest rates ahead but volume could be light heading into the holiday weekend.”

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 2.72 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.76 percent.

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


State

Current
30-Year
Fixed Rate
(5/24/16)
Last Week’s
30-Year
Fixed Rate
(5/17/16)
Change in
Basis
Points
California Mortgage Rates 3.52% 3.44%+8
Colorado Mortgage Rates 3.43% 3.39%+4
Florida Mortgage Rates 3.48% 3.36%+12
Illinois Mortgage Rates 3.49% 3.42%+7
Massachusetts Mortgage Rates 3.46% 3.42%+4
New Jersey Mortgage Rates 3.46% 3.38%+8
New York Mortgage Rates 3.52% 3.45%+7
Pennsylvania Mortgage Rates 3.45% 3.37%+8
Texas Mortgage Rates 3.49% 3.41%+8
Washington Mortgage Rates 3.49% 3.39%+10

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.