Rate on 30-Year-Mortgage Drops to Record Low Week-to-Week!

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The 30-year fixed-mortgage rate (FRM) dropped week-to-week nationally averaging 4.28%, according to Zillow Mortgage Marketplace's weekly update. This is down 0.1% and a new record low according to their data. Last week's averages remained steady.

Regionally 30-year rates are varying, but the majority of states saw a drop. California's current rate is 4.33%, down from 4.34% last week, as is Colorado's at 4.26%, down from 4.28%. Rates substantially decreased in New York to 4.23% (from 4.46%), Massachusetts to 4.28% (from 4.61%), Florida to 4.18% (from 4.33%) and Washington to 4.36% (from 4.56%) from last week.. Texas is down to 4.27% from 4.36% and Illinois state average is down to 4.33% from 4.31%.

Zillow reported the rate for 15-year fixed home loans at a national average 3.85%, while the rate for a 5-1 adjustable-rate mortgage (ARM) is at 3.27%.

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