SEATTLE, Nov. 12, 2013 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 4.22 percent, the highest rate reported since late September and a 17 basis point jump from 4.05 percent at this time last week. The 30-year fixed mortgage rate hovered around 4.07 percent early last week, before spiking on Friday.
"Rates shot up after a surprisingly strong employment report on Friday came on the heels of a stronger than expected GDP report on Thursday," said Stan Humphries, chief economist at Zillow. "Looking ahead, any good economic news will serve to challenge the prevailing view that the Fed won't start tapering until March, and the more likely early tapering becomes, the higher rates should be expected to climb."
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 3.18 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.79 percent.
Below are current rates for 30-year fixed mortgages by state. Additional states' rates are available at: http://www.zillow.com/mortgage-rates.
| Current |
| Last week's |
|California Mortgage Rates||4.25%||4.09%||+16|
|Colorado Mortgage Rates||4.25%||4.08%||+17|
|Florida Mortgage Rates||4.18%||4.01%||+17|
|Illinois Mortgage Rates||4.26%||4.07%||+19|
|Massachusetts Mortgage Rates||4.21%||4.05%||+16|
|New Jersey Mortgage Rates||4.16%||4.01%||+15|
|New York Mortgage Rates||4.22%||4.07%||+15|
|Pennsylvania Mortgage Rates||4.18%||4.01%||+17|
|Texas Mortgage Rates||4.21%||4.06%||+15|
|Washington Mortgage Rates||4.15%||4.09%||+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.
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CONTACT: Media Contact: Alison Paoli, Zillow 206-757-2701 or firstname.lastname@example.org