SEATTLE, Nov. 13, 2012 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 3.18 percent, down eight basis points from 3.26 percent at this same time last week. This represents the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008 – the last time this rate was reported was on Sept. 25. After peaking at 3.35 percent on Wednesday, it fluctuated between 3.19 and 3.25 percent over the remainder of the week before dipping to the current rate this morning.
"The post-election market has proven favorable for borrowers as mortgage rates are now at an all-time low," said Erin Lantz, director of Zillow Mortgage Marketplace. "Looking ahead, we expect rates to stay in record-low territory as Congress works though a resolution for the looming fiscal cliff."
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 2.38 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 (11/13/12)||Last week's 30-Year Fixed Rate (11/06/12)||Change in Basis Points|
|California Mortgage Rates||3.21%||3.26%||-5|
|Colorado Mortgage Rates||3.16%||3.2%||-4|
|Florida Mortgage Rates||3.25%||3.24%||+1|
|Illinois Mortgage Rates||3.19%||3.22%||-3|
|Massachusetts Mortgage Rates||3.2%||3.31%||-11|
|New Jersey Mortgage Rates||3.16%||3.25%||-9|
|New York Mortgage Rates||3.18%||3.15%||+3|
|Pennsylvania Mortgage Rates||3.14%||3.22%||-8|
|Texas Mortgage Rates||3.24%||3.25%||-1|
|Washington Mortgage Rates||3.2%||3.29%||-9|
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 firstname.lastname@example.org