30-Year Fixed Mortgage Hits 16-Week High; Current Rate is 3.33%, According to Zillow Mortgage Rate Ticker

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SEATTLE, Jan. 8, 2013 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 3.33 percent, up two basis points from 3.31 at this same time last week. After peaking at 3.43 percent on Friday, the 30-year fixed rate fluctuated between 3.35 and 3.4 percent over the remainder of the week before dropping to the current rate this morning.

"Last week rates rose to the highest levels in nearly four months after another solid jobs report and Federal Open Market Committee meeting minutes revealed some Fed policy makers were open to scaling back QE3 bond purchases sooner than the market had anticipated," said Erin Lantz, director of Zillow Mortgage Marketplace.

"This coming week, with few economic data releases planned, we expect rates to remain fairly level at this new, higher plateau," added Lantz.

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 2.5 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 3.31% 3.34% -3
Colorado Mortgage Rates 3.37% 3.31% +6
Florida Mortgage Rates 3.34% 3.27% +7
Illinois Mortgage Rates 3.31% 3.32% -1
Massachusetts Mortgage Rates 3.35% 3.31% +4
New Jersey Mortgage Rates 3.33% 3.28% +5
New York Mortgage Rates 3.32% 3.29% +3
Pennsylvania Mortgage Rates 3.3% 3.27% +3
Texas Mortgage Rates 3.4% 3.32% +8
Washington Mortgage Rates 3.33% 3.3% +3

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