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30-Year Fixed Mortgage Rates Plunge to 19-Month Low; Current Rate is 3.58%, According to Zillow Mortgage Rate Ticker

SEATTLE, Jan. 6, 2015 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.58 percent, down fourteen basis points from this time last week. The 30-year fixed mortgage rate rose early in the week, peaking at 4.03 percent on Friday before falling to the current rate.

"Rates fell dramatically last week primarily due to fears of slowing global growth, weak equity markets, falling oil prices and low market activity over the New Year's holiday," said Erin Lantz, vice president of mortgages at Zillow. "Given the recent history of markets largely overlooking strong U.S. data, we expect rates to remain flat or fall slightly this week on international news."

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 2.88 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.71 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
30-Year
Fixed Rate
(01/06/15)
Last Week's
30-Year
Fixed Rate
(12/30/14)
Change in
Basis
Points
California Mortgage Rates 3.58% 3.74% -16
Colorado Mortgage Rates 3.56% 3.69% -13
Florida Mortgage Rates 3.58% 3.75% -17
Illinois Mortgage Rates 3.56% 3.73% -17
Massachusetts Mortgage Rates 3.61% 3.71% -10
New Jersey Mortgage Rates 3.59% 3.71% -12
New York Mortgage Rates 3.61% 3.76% -15
Pennsylvania Mortgage Rates 3.60% 3.71% -11
Texas Mortgage Rates 3.58% 3.71% -13
Washington Mortgage Rates 3.62% 3.75% -13

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