Zillow: 30-year mortgages head back down after one-week increase
After a one-week turn around in mortgage rates, the 30-year, fixed-mortgage rate fell again to 4.27%, according to the Zillow Mortgage Marketplace weekly update.
This is still 20 basis points above the historical low hit two weeks ago.
Zillow said the current 15-year, fixed-average rate is 3.64% and the rate for a 5-1 adjustable rate mortgage is 3.03%. That type of mortgage maintains a steady rate for five years and then is adjusted annually thereafter.
Regionally, 30-year rates vary, but the majority of states witnessed a decline. California's average rate dropped to 4.23% last week from 4.36% prior. Rates in New York also fell substantially to 4.23% from 4.34% the previous week, while Pennsylvania's rate decreased to 4.25% from 4.41%, and Washington saw its average rate slump to 4.26% from 4.32%.
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