30-Year Fixed Mortgage Rates Continue Downward Spiral; Current Rate is 4.08%, According to Zillow Mortgage Rate Ticker

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SEATTLE, Oct. 1, 2013 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 4.08 percent, down 9 basis points from 4.17 percent at this time last week. The 30-year fixed mortgage rates have been steadily declining since last week, dropping to the current rate this morning. In just three weeks, 30-year fixed mortgage rates have dropped a total of 41 basis points.

"Mortgage rates hit 13-week lows as markets adjusted to the slower wind-down of the Federal Reserve's stimulus program than what was expected," said Erin Lantz, director of mortgages at Zillow. "This coming week, we do not expect the government shutdown to have any significant impact on mortgage rates. Any rise or fall in rates will be due to unexpected news out of Friday's job report."

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 3.12 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.90 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
California Mortgage Rates 4.10% 4.17% -7
Colorado Mortgage Rates 4.08% 4.21% -13
Florida Mortgage Rates 4.04% 4.18% -14
Illinois Mortgage Rates 4.09% 4.16% -7
Massachusetts Mortgage Rates 4.08% 4.17% -9
New Jersey Mortgage Rates 4.04% 4.13% -9
New York Mortgage Rates 4.07% 4.17% -10
Pennsylvania Mortgage Rates 4.05% 4.14% -9
Texas Mortgage Rates 4.07% 4.14% -7
Washington Mortgage Rates 4.14% 4.18% -4

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