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

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SEATTLE, Dec. 18, 2012 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 3.24 percent, up seven basis points from 3.17 percent at this same time last week. The 30-year fixed mortgage rate hovered between 3.17 and 3.23 percent for the majority of the week, rising to the current rate this morning.

"Last week, rates crept up slightly after the Federal Reserve announced changes to their bond-buying program that may result in a raise to the federal funds rate and reduce bond-buying more quickly than anticipated, pushing rates up sooner than previously expected," said Erin Lantz, director of Zillow Mortgage Marketplace. "Next week, we expect rates will remain near these levels, unless major progress is made in fiscal cliff negotiations in advance of the holidays."

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 2.57 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% 3.18% +6
Colorado Mortgage Rates 3.29% 3.16% +13
Florida Mortgage Rates 3.26% 3.16% +10
Illinois Mortgage Rates 3.25% 3.23% +2
Massachusetts Mortgage Rates 3.27% 3.2% +7
New Jersey Mortgage Rates 3.2% 3.18% +2
New York Mortgage Rates 3.24% 3.17% +7
Pennsylvania Mortgage Rates 3.17% 3.14% +3
Texas Mortgage Rates 3.25% 3.19% +6
Washington Mortgage Rates 3.27% 3.17% +10

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.

Zillow is a registered trademark of Zillow, Inc.

The Zillow logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10012

Given the U.S. public holiday of Christmas on Tuesday, December 25th 2012 and New Years on Tuesday, January 1st 2013, Zillow Mortgage Marketplace weekly rates will be published on Wednesday, December 26th and Wednesday, January 2nd. For more information on mortgage rates, please visit: http://www.zillow.com/mortgage-rates/

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