A 30 years fixed mortgage rate is one of the most popular ones people take. But before you make a commitment on a 30-year period, it would be good to compare rates at different lenders. Zillow 30 year mortgage rates comparison is probably the best and most comprehensive. Let’s see what trends in 30 years mortgage rates are.
Zillow uses data from thousands of lenders and calculates national average mortgage rates. You can see rates for different types of loans and rates in different states daily. Also, Zillow provides 30, 15, and 10 years mortgage rates too.
Before you find a lender, it will be good to know how much the average rate for your mortgage is. This way, you can see if you are getting a good deal or not. Keep in mind that mortgage rates are determined by many factors, including your credit score and type of mortgage. Let’s see rates for 30 years mortgages at the moment, according to Zillow.
According to Zillow, 30-year mortgage rates are, on average, 4.83%. 30-years, fixed mortgage rates climbed because of inflation, the economic situation regarding the war in Ukraine, and the decline in the unemployment rate, among other things. If we compare this 30-year mortgage rate with 2019, when it was 3.94%, it could be said that this is a significant increase. However, in 2008, the average fixed rate was 6.03%, so we could say that rates are still affordable. Still, this is only an average rate gathered by Zillow. How high your rate will be will depend on the lender you choose and the type of loan.
As we mentioned above, different loan types have different fixed rates. And on a Zillow website, you can see daily updates for each of them. Zillow compares week-over-week changes to mortgage rates and APRs. Here are current 30-year mortgage rates for the most common types of loans.
|Type of the loan||30-years fixed rate||One week change||APR|
|Conforming loans||4.83 %||0.34 %||4.92 %|
|FHA loans||4.39 %||0.70 %||5.15 %|
|VA loans||4.33 %||0.41 %||4.63 %|
|Jumbo loans||4.62 %||0.32 %||4.68 %|
30-Years Mortgage Rate Based on Your Credit Score
When applying for a mortgage a lot of things come into consideration before you get approved for a loan and get the number of monthly mortgage payments. One of the things your lender will look into is your FICO score. And if your FICO score is too low, you may not get a loan or a loan with a higher interest rate. A good credit score is 740 or higher. According to Zillow, here is how much, on average, your 30-year fixed rate will be depending on your credit score:
- With a credit score of 740 or higher, a fixed rate is 4.83%,
- With a credit score between 640 and 740, the rate will be around 5%,
- A credit score of less than 640 means the rate will be around 5,50%.
On Zillow, people can use the Zillow calculator to see an estimate of how much they will pay. Here you can put the loan type, how much you are borrowing, the size of the down payment, and the fixed rate. Let’s see how much your monthly payment will be with current mortgage rates. If you borrow, for example, $300,000 and put 20% of the down payment (which is $60,000,) with a 30 years fixed mortgage rate of 4.83%, your monthly payment will be $1,780.
The number of fixed rates doesn’t only affect your loan when taking a mortgage but when you wish to refinance. As you know, when someone refinances their mortgage, they, in essence, are taking another mortgage to pay off the existing one. That means interest rates will be set according to the current market situation. Zillow has the “refinance the mortgage” calculator so you can see how much your new monthly payments will be before you take a loan. According to Zillow, 30-years fixed rates for refinancing mortgages climbed four basis points from 4.64% to 4.68%. Here are rates compared by the loan type you have.
|Type of loan||30-years mortgage rates|
|Conforming loans||4.83 %|
Different States Have Different Rates
At Zillow, you can see different mortgage rates by states where you are planning to get a loan. For example, in California, the current fixed rate for 30 years is 4.80%, while in Minnesota, this number is 4.87%. Here are current mortgage 30-year fixed rates in some of the states.
What About Zillow’s 30-Years Fixed Mortgage Rates?
As you may know, aside from the fact that Zillow is the biggest portal for real estate in the US, it has recently become a lender. Zillow offers all kinds of loans – conventional, FHA, VA, and special loan programs. But Zillow doesn’t offer fixed rates on their website. To find out your 30-years interest rate with Zillow, you must submit your request.
Nevertheless, Zillow offers many tools for potential home buyers and a comprehensive analysis of the current trends in the real estate market and rates. So no matter if you already have a lender, there is no harm in checking current average rates, just to know where you are standing.