30-Year Fixed Mortgage Rates Hover Near 4%, for Second Week in a Row; Current Rate is 4.01%, According to Zillow Mortgage Rate Ticker

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SEATTLE, June 3, 2014 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 4.01 percent, up two basis points from this time last week. The 30-year fixed mortgage rate declined early last week, dropping to as low as 3.92 percent on Wednesday before rising to the current rate over the weekend.

"Rates hovered near twelve-months lows, remaining below four percent for most of last week due to the markets' anticipation of the European Central Bank's decision to ease monetary policy to stimulate growth," said Erin Lantz, vice president of mortgages at Zillow. "This week, we expect rates to drift upward if the ECB's plans suggest a more worrisome picture of the European economy, or if the U.S. employment report reveals unexpectedly strong jobs growth when it is released on Friday."

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 3.01 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.76 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 4.02% 4.01% +1
Colorado Mortgage Rates 3.99% 4% -1
Florida Mortgage Rates 4.0% 3.98% +2
Illinois Mortgage Rates 4.0% 4.12% -12
Massachusetts Mortgage Rates 4.03% 3.98% +5
New Jersey Mortgage Rates 3.99% 3.95% +4
New York Mortgage Rates 4.05% 3.97% +8
Pennsylvania Mortgage Rates 3.97% 3.96% +1
Texas Mortgage Rates 3.98% 3.99% -1
Washington Mortgage Rates 4.03% 4% +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.

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