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30-Year Fixed Mortgage Rates Fall; Current Rate is 3.70%, According to Zillow Mortgage Rate Ticker

SEATTLE, March 3, 2015 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.70 percent, down six basis points from this time last week. The 30-year fixed mortgage rate fell early in the week, then hovered around 3.66 percent before rising to the current rate on Tuesday.

"Rates dropped dramatically early last week after Fed Chair Janet Yellen suggested it was unlikely the Fed would raise rates before June," said Erin Lantz, vice president of mortgages at Zillow. "This week we expect rates to remain fairly steady, unless Friday's jobs report comes in stronger than expected."

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 2.85 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
(03/03/15)
Last Week's
30-Year Fixed Rate
(02/24/15)

Change in
Basis Points
California Mortgage Rates 3.72% 3.74% -2
Colorado Mortgage Rates 3.65% 3.77% -12
Florida Mortgage Rates 3.70% 3.76% -6
Illinois Mortgage Rates 3.70% 3.75% -5
Massachusetts Mortgage Rates 3.70% 3.75% -5
New Jersey Mortgage Rates 3.74% 3.78% -4
New York Mortgage Rates 3.71% 3.82% -11
Pennsylvania Mortgage Rates 3.69% 3.73% -4
Texas Mortgage Rates 3.69% 3.77% -8
Washington Mortgage Rates 3.69% 3.79% -10

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.

The Zillow logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=28924

Zillow is a registered trademark of Zillow, Inc.

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

Source:Zillow