SEATTLE, Jan. 3, 2012 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow(R) Mortgage Marketplace is currently 3.73 percent, down eight basis points from 3.81 percent at this same time last week. This represents the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008. The previous low was 3.74 percent, first reported on Sept. 22, 2011. After dropping to 3.68 percent on Saturday, the 30-year fixed mortgage rate hovered between 3.74 and 3.79 percent for the rest of the week, falling to the current rate early this morning.
"Rates fell to an all-time low this past week amid low holiday volume and continued Federal Reserve mortgage-backed security buying," said Erin Lantz, director of Zillow Mortgage Marketplace. "Moving forward, we can expect some rate volatility as markets establish their initial baselines for 2012. However, we anticipate mortgage rates to remain relatively stable around 4 percent for the first half of the year."
Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the 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 2.65 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 (01/03/12) |
Last week's 30-Year Fixed Rate (12/27/11) |
Change in Basis Points |
| California Mortgage Rates | 3.73% | 3.82% | -9 |
| Colorado Mortgage Rates | 3.7% | 3.8% | -10 |
| Florida Mortgage Rates | 3.77% | 3.81% | -4 |
| Illinois Mortgage Rates | 3.73% | 3.78% | -5 |
| Massachusetts Mortgage Rates | 3.75% | 3.87% | -12 |
| New Jersey Mortgage Rates | 3.71% | 3.78% | -7 |
| New York Mortgage Rates | 3.66% | 3.88% | -22 |
| Pennsylvania Mortgage Rates | 3.71% | 3.79% | -8 |
| Texas Mortgage Rates | 3.72% | 3.8% | -8 |
| Washington Mortgage Rates | 3.73% | 3.82% | -10 |
About Zillow Mortgage Marketplace
Zillow Mortgage Marketplace, 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 Mortgage Marketplace also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories.
Zillow is a registered trademark of Zillow, Inc.
The Zillow logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10012
Media Contact:
Jill Simmons, Zillow
206-757-2701 or press@zillow.com
There are no comments yet