SEATTLE, Feb. 28, 2017 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.85 percent, down 8 percentage points from this time last week. The 30-year fixed mortgage rate fell to the current rate last Friday and hovered there for the rest of the week.

"Mortgage rates fell last week following the FOMC's meeting minutes, which indicated a rate hike would be 'fairly soon' but gave no strong signal about a hike in March," said Erin Lantz, vice president of mortgages at Zillow. "While rates are currently hovering around a three-month low, the release of key economic data, speeches by Fed officials or details of new significant infrastructure initiatives, could move rates slightly higher."

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 3.07 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.83 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 (2/28/17) Last Week's 30-Year Fixed Rate (2/21/17) Change in Basis Points  
  California Mortgage Rates 3.85 % 3.93 % -8  
  Colorado Mortgage Rates 3.84 % 3.93 % -9  
  Florida Mortgage Rates 3.84 % 3.92 % -8  
  Illinois Mortgage Rates 3.85 % 3.97 % -12  
  Massachusetts Mortgage Rates 3.83 % 3.91 % -8  
  New Jersey Mortgage Rates 3.84 % 3.93 % -9  
  New York Mortgage Rates 3.97 % 3.98 % -1  
  Pennsylvania Mortgage Rates 3.85 % 3.92 % -7  
  Texas Mortgage Rates 3.82 % 3.92 % -10  
  Washington Mortgage Rates 3.86 % 3.98 % -12  

About Zillow MortgagesZillow 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, Zillowpress@zillow.com