30-Year Fixed Mortgage Rates Decline First Time in 6 Weeks; Current Rate is 4.38%, According to Zillow Mortgage Rate Ticker

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SEATTLE, Dec. 31, 2013 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 4.38 percent, up eight basis points from 4.30 percent at this time two weeks ago*. The 30-year fixed mortgage rate steadily rose during the past two weeks, peaking at 4.43 percent last Wednesday before dropping to the current rate this morning.

"Rates were essentially unchanged last week after gradually climbing back up during the past few weeks to approach the three-month high we saw in September," said Erin Lantz, director of mortgages at Zillow. "This week, we expect rates to remain at this higher plateau until normal market activity returns after the New Year's holiday."

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 3.34 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.93 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
(12/31/13)
Two Weeks
Prior 30-
Year Fixed
Rate
(12/17/13)
Change in
Basis
Points
California Mortgage Rates 4.39% 4.32% +7
Colorado Mortgage Rates 4.42% 4.35% +7
Florida Mortgage Rates 4.36% 4.26% +10
Illinois Mortgage Rates 4.40% 4.33% +7
Massachusetts Mortgage Rates 4.34% 4.28% +6
New Jersey Mortgage Rates 4.36% 4.28% +8
New York Mortgage Rates 4.39% 4.29% +10
Pennsylvania Mortgage Rates 4.38% 4.27% +11
Texas Mortgage Rates 4.40% 4.33% +7
Washington Mortgage Rates 4.39% 4.31% +8

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.

The Zillow logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10012

Zillow is a registered trademark of Zillow, Inc.

* Due to the holiday Zillow did not release a weekly mortgage rate alert last Tuesday, Dec. 24.

CONTACT: Media Contact: Laura Lowery, Zillow 206-799-5604 or press@zillow.com

Source:Zillow