30-Year Fixed Mortgage Rates Drop, Erasing Prior Gains; Current Rate is 4.25%, According to Zillow Mortgage Rate Ticker

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SEATTLE, April 1, 2014 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 4.25 percent, down 2 basis points from this time last week. The 30-year fixed mortgage rate peaked on Wednesday at 4.29 percent before falling to 4.20 percent, where rates hovered for the remainder of the week.

"Rates dropped last week, erasing most of the run-up triggered previously by the Fed's surprisingly aggressive guidance on plans to increase the Federal Funds Rate," said Erin Lantz, vice president of mortgages at Zillow. "We expect rates to remain fairly steady this week, not making any significant movements until after Friday's jobs 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 3.22 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.77 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
30-Year 30-Year Change in
State Fixed Rate Fixed Rate Basis
(04/01/14) (03/25/14) Points
California Mortgage Rates 4.27% 4.28% -1
Colorado Mortgage Rates 4.26% 4.29% -3
Florida Mortgage Rates 4.19% 4.21% -2
Illinois Mortgage Rates 4.25% 4.28% -3
Massachusetts Mortgage Rates 4.22% 4.27% -5
New Jersey Mortgage Rates 4.24% 4.26% -2
New York Mortgage Rates 4.30% 4.33% -3
Pennsylvania Mortgage Rates 4.20% 4.25% -5
Texas Mortgage Rates 4.33% 4.32% +1
Washington Mortgage Rates 4.22% 4.25% -3

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