SEATTLE, Oct. 28, 2014 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.85 percent, up four basis points from this time last week. The 30-year fixed mortgage rate hovered around 3.90 percent for most of the week, dropping to 3.77 percent Wednesday before rising to the current rate.
"In the absence of major market-moving news last week, mortgage rates remained below 4 percent for the fourth week in a row," said Erin Lantz, vice president of mortgages at Zillow. "This week, even though the Federal Open Market Committee will release its meeting minutes on Wednesday announcing the end of the Fed's stimulus program, this should come as no surprise to markets so we expect rate stability to continue."
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 3.00 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.81 percent.
Purchase Mortgage Application Activity
Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity decreased by 7 percent 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 (10/28/14)
| Last Week's 30-Year |
Fixed Rate (10/21/14)
| Change in |
|California Mortgage Rates||3.85%||3.85%||0|
|Colorado Mortgage Rates||3.81%||3.76%||+5|
|Florida Mortgage Rates||3.81%||3.81%||0|
|Illinois Mortgage Rates||3.90%||3.82%||+8|
|Massachusetts Mortgage Rates||3.92%||3.76%||+16|
|New Jersey Mortgage Rates||3.87%||3.83%||+4|
|New York Mortgage Rates||4.12%||3.96%||+16|
|Pennsylvania Mortgage Rates||3.85%||3.83%||+2|
|Texas Mortgage Rates||3.86%||3.83%||+3|
|Washington Mortgage Rates||3.88%||3.85%||+3|
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.
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CONTACT: Media Contact: Alison Paoli, Zillow 206-757-2701 or firstname.lastname@example.org