30-Year Fixed Mortgage Rates Plummet 16 Basis Points; Current Rate is 4.06%, According to Zillow Mortgage Rate Ticker

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SEATTLE, Nov. 19, 2013 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 4.06 percent, a 16-basis-point drop from 4.22 percent at this time last week. The 30-year fixed mortgage rate steadily declined last week, leveling off near 4.12 percent during the weekend before falling to the current rate this morning.

"Mortgage rates during the past week have fallen back to lower levels, helped by Federal Reserve vice chairman, Janet Yellen's assurances before the Senate Banking Committee that Federal Reserve stimulus won't be removed too quickly. This trend halves the increases of the prior two weeks," said Stan Humphries, chief economist at Zillow. "Looking ahead, rates will be influenced by the Federal Reserve's meeting minutes, scheduled for late Wednesday, as observers try to read the tea leaves to assess the likelihood of a December taper."

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 3.05 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.69 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 4.09% 4.25% -16
Colorado Mortgage Rates 4.10% 4.25% -15
Florida Mortgage Rates 4.02% 4.18% -16
Illinois Mortgage Rates 4.11% 4.26% -15
Massachusetts Mortgage Rates 4.06% 4.21% -15
New Jersey Mortgage Rates 4.05% 4.16% -11
New York Mortgage Rates 4.07% 4.22% -15
Pennsylvania Mortgage Rates 4.02% 4.18% -16
Texas Mortgage Rates 4.06% 4.21% -15
Washington Mortgage Rates 4.08% 4.15% -7

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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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