30-Year Fixed Mortgage Rate Continues to Rise; Current Rate is 3.26%, According to Zillow Mortgage Rate Ticker

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SEATTLE, Oct. 9, 2012 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 3.26 percent, up seven basis points from 3.19 percent at this same time last week. The 30-year fixed mortgage rate hovered between 3.18 and 3.28 percent for the majority of the week, dropping to the current rate this morning.

"Mortgage rates rose slightly at the end of last week following the release of the Federal Open Market Committee's meeting minutes and a stronger than expected jobs report," said Erin Lantz, director of Zillow Mortgage Marketplace. "This week, we expect rates to remain fairly steady since we do not foresee any new announcements that have the potential to offset the optimistic tone set by last week's employment figures."

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 2.63 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.52 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 (10/09/12) Last week's 30-Year Fixed Rate (10/02/12) Change in Basis Points
California Mortgage Rates 3.27% 3.2% +7
Colorado Mortgage Rates 3.28% 3.16% +12
Florida Mortgage Rates 3.23% 3.18% +5
Illinois Mortgage Rates 3.25% 3.19% +6
Massachusetts Mortgage Rates 3.28% 3.21% +7
New Jersey Mortgage Rates 3.21% 3.22% -1
New York Mortgage Rates 3.29% 3.24% +5
Pennsylvania Mortgage Rates 3.21% 3.13% +8
Texas Mortgage Rates 3.23% 3.18% +5
Washington Mortgage Rates 3.27% 3.21% +6

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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Zillow is a registered trademark of Zillow, Inc.

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