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30-Year Fixed Mortgage Rate Drops to New Record Low; Current Rate is 3.71%, According to Zillow Mortgage Rate Ticker

SEATTLE, Jan. 10, 2012 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow(R) Mortgage Marketplace is currently3.71 percent, down two basis points from 3.73 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 3.73 percent, first reported last week on Jan. 3, 2012. The 30-year fixed mortgage rate hovered between 3.7 and 3.74 percent for the majority of the week, dropping to 3.67 percent on Monday before rising to the current rate this morning.

"So far 2012 has brought us lower mortgage rates than most ever thought were possible, and we're likely going to remain close to these record low levels for the near-term," said Erin Lantz, director of Zillow Mortgage Marketplace. "Look for rates to stay in this historically low range and possibly drop further if new concerns emerge around the European debt crisis."

Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace 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 currently3.03 percent, while the rate for a 5/1 adjustable-rate mortgage (ARM) is 2.59 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
Fixed Rate
Last week's
Fixed Rate
Change in
Basis Points
California Mortgage Rates 3.71% 3.73% -2
Colorado Mortgage Rates 3.69% 3.70% -1
Florida Mortgage Rates 3.70% 3.77% -7
Illinois Mortgage Rates 3.75% 3.73% -2
Massachusetts Mortgage Rates 3.72% 3.75% -3
New Jersey Mortgage Rates 3.66% 3.71% -5
New York Mortgage Rates 3.64% 3.66% -2
Pennsylvania Mortgage Rates 3.71% 3.71% 0
Texas Mortgage Rates 3.73% 3.72% +1
Washington Mortgage Rates 3.67% 3.73% -6

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