Mortgage rates remained steady over the past week, according to information gathered by Zillow for its weekly mortgage rate report. Rates for 30-year fixed mortgages increased slightly to 5.97 percent, up from 5.96 percent the week prior, according to Zillow's Mortgage Rate Monitor.
However, mortgage rates for 15-year fixed mortgages remained steady at 5.63 percent, while 5-1 adjustable-rate mortgages saw the most dramatic increase, rising to 5.75 percent.
At a state level, the 30-year fixed rate mortgage rate in Virginia saw the most significant increase from 5.91 percent to 5.99 percent. States witnessing the lowest rates on 30-year fixed mortgages were Georgia, registering 5.88 percent, and Colorado, coming in at 5.92 percent. Yet, New York, at 6.1 percent, Connecticut, with rates at 6.08 percent, Maryland, at 6.02 percent, and Massachusetts, posting rates of 6.02 percent, saw the higest rates.
The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates quoted on Zillow Mortgage Marketplace by mortgage lenders to borrowers who have submitted loan requests. State-level data is gathered for the top 20 states with the highest quote volume on Zillow.