30-Year Fixed Mortgage Ticks Upward After Fiscal Cliff Resolution; Current Rate is 3.31%, According to Zillow Mortgage Rate Ticker

Zillow Logo

SEATTLE, Jan. 2, 2013 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 3.31 percent, up seven basis points from 3.24 at this same time last week. The 30-year fixed mortgage rate hovered between 3.18 and 3.25 percent for the majority of the week, jumping to the current rate this morning.

"Last week, rates remained fairly flat until Congress approved a plan to avoid fiscal cliff tax hikes, pushing mortgage rates up slightly," said Erin Lantz, director of Zillow Mortgage Marketplace. "Even though Congress still has to work out a plan on spending cuts, we expect rates will continue to drift upward for the next few weeks as markets refocus on economic data instead of fiscal cliff deliberations."

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 2.54 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 (01/02/13) Last week's 30-Year Fixed Rate (12/26/12) Change in Basis Points
California Mortgage Rates 3.34% 3.26% +8
Colorado Mortgage Rates 3.31% 3.32% -1
Florida Mortgage Rates 3.27% 3.25% +2
Illinois Mortgage Rates 3.32% 3.21% +11
Massachusetts Mortgage Rates 3.31% 3.21% +10
New Jersey Mortgage Rates 3.28% 3.22% +6
New York Mortgage Rates 3.29% 3.27% +2
Pennsylvania Mortgage Rates 3.27% 3.22% +5
Texas Mortgage Rates 3.32% 3.25% +7
Washington Mortgage Rates 3.3% 3.26% +4

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.

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

Zillow is a registered trademark of Zillow, Inc.

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