30-Year Fixed Mortgage Rate Drops Slightly; Current Rate is 3.24%, According to Zillow Mortgage Rate Ticker

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SEATTLE, Oct. 30, 2012 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 3.24 percent, down four basis points from 3.28 percent at this same time last week. After peaking at 3.34 percent on Friday, the 30-year fixed mortgage rate dropped and hovered between 3.22 and 3.28 percent over the weekend, dropping to the current rate this morning.

"Rates remained in a holding pattern last week as market attention was focused less on recent economic news and more on headlines about the U.S. election, Hurricane Sandy and the fiscal cliff," said Erin Lantz, director of Zillow Mortgage Marketplace. "This week, despite a busy calendar of U.S. economic releases and a wave of third-quarter earnings reports, we expect rates will remain roughly unchanged unless the October jobs report exceeds or misses expectations by a large margin."

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 2.62 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.4 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
Basis Points
California Mortgage Rates 3.24% 3.27% -3
Colorado Mortgage Rates 3.22% 3.34% -12
Florida Mortgage Rates 3.19% 3.3% -11
Illinois Mortgage Rates 3.23% 3.27% -4
Massachusetts Mortgage Rates 3.28% 3.33% -5
New Jersey Mortgage Rates 3.35% 3.25% +10
New York Mortgage Rates 3.29% 3.4% -11
Pennsylvania Mortgage Rates 3.24% 3.26% -2
Texas Mortgage Rates 3.25% 3.31% -6
Washington Mortgage Rates 3.24% 3.29% -5

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: Jill Simmons, Zillow 206-757-2701 or press@zillow.com