30-Year Fixed Mortgage Declines, Reversing Previous Week's Gains; Current Rate is 4.16%, According to Zillow Mortgage Rate Ticker

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SEATTLE, April 29, 2014 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 4.16 percent, down three basis points from this time last week. The 30-year fixed mortgage rate peaked on Tuesday at 4.22 percent before plummeting to 4.14 percent Wednesday afternoon, where rates continued to hover for the remainder of the week.

"Last week, rates dipped to the lowest level in seven weeks as weaker than expected homes sales and continued concerns over geo-political stability in Ukraine kept downward pressure on rates," said Erin Lantz, vice president of mortgages at Zillow. "This week, we expect more volatility as both the mid-week Federal Open Market Committee announcement and Friday's jobs report have the potential to move markets."

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 3.15 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.81 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 4.16% 4.19% -3
Colorado Mortgage Rates 4.10% 4.23% -13
Florida Mortgage Rates 4.15% 4.18% -3
Illinois Mortgage Rates 4.22% 4.18% +4
Massachusetts Mortgage Rates 4.20% 4.19% +1
New Jersey Mortgage Rates 4.14% 4.19% -5
New York Mortgage Rates 4.17% 4.24% -7
Pennsylvania Mortgage Rates 4.13% 4.16% -3
Texas Mortgage Rates 4.14% 4.19% -5
Washington Mortgage Rates 4.21% 4.19% +2

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