30-Year Fixed Mortgage Rates Plunge to Lowest Rate in 16 Months; Current Rate is 3.81%, According to Zillow Mortgage Rate Ticker

SEATTLE, Oct. 14, 2014 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.81 percent, down fifteen basis points from this time last week. The 30-year fixed mortgage rate dropped Wednesday, then hovered around 3.88 percent for most of the week before falling to the current rate.

"Rates dropped to the lowest level since June 2013 on news that the Federal Reserve has more reservations about the health of the U.S. and global economy than expected, which in turn, may delay rate hikes," said Erin Lantz, vice president of mortgages at Zillow. "With little economic news planned to overshadow the Fed's latest comments, this week we expect rates to fairly remain stable, hovering just shy of 4%."

Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages 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 2.96 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.70 percent.

Purchase Mortgage Application Activity

Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity was unchanged from the week prior. Zillow combines loan requests made on Zillow Mortgages last week with the previous week's Mortgage Bankers Association (MBA) Weekly Application Index to predict the MBA's Weekly Application Index for purchase loans, which will be released tomorrow. For more information about this prediction, visit http://www.zillow.com/research/mortgage-app-index-part-one-7016/.


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
(10/14/14)
Last Week's
30-Year
Fixed Rate
(10/07/14)
Change in
Basis
Points
California Mortgage Rates 3.83% 3.98% -15
Colorado Mortgage Rates 3.79% 3.95% -16
Florida Mortgage Rates 3.82% 3.95% -13
Illinois Mortgage Rates 3.82% 3.97% -15
Massachusetts Mortgage Rates 3.82% 3.96% -14
New Jersey Mortgage Rates 3.83% 3.95% -12
New York Mortgage Rates 3.85% 4.05% -20
Pennsylvania Mortgage Rates 3.79% 3.94% -15
Texas Mortgage Rates 3.82% 3.96% -14
Washington Mortgage Rates 3.83% 3.95% -12

About Zillow Mortgages

Zillow Mortgages, 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 Mortgages 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=27572

CONTACT: Media Contact: Alison Paoli, Zillow 206-757-2701 or press@zillow.com

Source:Zillow