According to data released by Zillow July 26, the 30-year fixed-rate mortgage is at 3.32 percent. Remaining unchanged over the previous week, the Zillow Mortgages rate scaled between 3.30 and 3.39 percent over the past week — but that is expected to change soon.
“Mortgage rates were flat last week as there was very little incoming data and central bank decisions came largely as expected,” Erin Lantz, vice president of mortgages at Zillow, said in a statement. “This week should be more volatile. Although the Fed is unlikely to raise interest rates, their statement should provide more signal about the path of rates ahead. In addition, GDP data scheduled for later in the week is among the most important data releases watched by financial markets.”
Based on custom mortgage quotes regularly submitted to Zillow, the Zillow Mortgages site offers real-time rates reflecting the ebb and flow of the market.
The 15-year fixed home loan rate was reported at 2.60 percent July 26, while a 5-1 adjustable-rate mortgage was marked at 2.75 percent.
In the week reported July 26, the largest dip in weekly basis points was recorded in Massachusetts. Dropping 8 basis points since July 19, the state saw a 30-year fixed mortgage rate of 3.31 percent.
The biggest gain took place in Colorado, where the 30-year fixed mortgage rate jumped from 3.26 to 3.35, or 9 basis points.
Three states saw increases over the previous week, which, other than Colorado, include Pennsylvania and Washington. These states saw an increase of a respective 2 and 3 basis points.
Florida’s 30-year fixed-rate mortgage dipped 4 basis points, to 3.28 percent from 3.32 percent.
In New York, the current 30-year fixed rate mortgage was 3.38 percent from 3.41 percent July 19.
California and New Jersey both had a reported 2 basis point dip week-over-week, to 3.29 percent and 3.30 percent, respectively.
Dipping 1 basis point week-over-week, the Illinois mortgage rate was reported at 3.31 percent from 3.32 percent. Also falling 1 basis point was Texas, which was reported at the same rate as Illinois.
