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30-Year Fixed Mortgage Rates Fall 11 Basis Points; Current Rate is 4.38%, According to Zillow Mortgage Rate Ticker

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SEATTLE, Sept. 17, 2013 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 4.38 percent, down 11 basis points from 4.49 percent at this time last week. The 30-year fixed mortgage rate hovered between 4.49 and 4.44 percent for the majority of the week before dropping to the current rate on Monday.

"Mortgage rates dropped on Monday after former Treasury Secretary Larry Summers withdrew his name from consideration for Federal Reserve Chairman. His decision makes it more likely Fed Vice Chair Janet Yellen will take the role and continue Ben Bernanke's fairly accommodative monetary policy that has helped keep rates low," said Erin Lantz, director of Zillow Mortgage Marketplace. "Tomorrow, markets will be highly influenced by the Fed's announcement and press conference, which will provide guidance on its plans to start winding down the stimulus program."

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 currently 3.36 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.05 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
(09/17/13)
Last week's
30-Year
Fixed Rate
(09/10/13)
Change in
Basis
Points
California Mortgage Rates 4.40% 4.50% -10
Colorado Mortgage Rates 4.37% 4.50% -13
Florida Mortgage Rates 4.36% 4.45% -9
Illinois Mortgage Rates 4.37% 4.47% -10
Massachusetts Mortgage Rates 4.40% 4.51% -11
New Jersey Mortgage Rates 4.36% 4.47% -11
New York Mortgage Rates 4.39% 4.51% -12
Pennsylvania Mortgage Rates 4.36% 4.45% -9
Texas Mortgage Rates 4.37% 4.51% -14
Washington Mortgage Rates 4.41% 4.51% -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

CONTACT: Media Contact: Alison Paoli, Zillow 206-757-2701 or press@zillow.com

Source:Zillow