30-Year Fixed Mortgage Rates Hit Five Month-High, Up 14 Basis Points; Current Rate is 3.42%, According to Zillow Mortgage Rate Ticker

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SEATTLE, Jan. 29, 2013 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 3.42 percent, up 14 basis points from 3.28 percent at this same time last week. After jumping to 3.45 percent on Friday, the 30-year fixed rate stayed flat over the remainder of the weekend before dropping to the current rate this morning.

"Mortgage rates spiked to a 5 month-high last week as markets reacted to positive domestic and international economic news. Another strong weekly jobs report suggested the U.S. economic recovery is picking up steam," said Erin Lantz, director of Zillow Mortgage Marketplace. "Abroad, markets welcomed news that many banks were planning to pay back the European Central Bank earlier than expected, suggesting some underlying strength in a European economic recovery."

If we continue to see the steady stream of strong economic indicators this week, we anticipate rates will rise slightly higher," 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 2.71 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.43 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 3.41% 3.25% +16
Colorado Mortgage Rates 3.49% 3.3% +19
Florida Mortgage Rates 3.4% 3.28% +12
Illinois Mortgage Rates 3.4% 3.29% +11
Massachusetts Mortgage Rates 3.37% 3.31% +6
New Jersey Mortgage Rates 3.38% 3.25% +13
New York Mortgage Rates 3.43% 3.3% +13
Pennsylvania Mortgage Rates 3.35% 3.25% +10
Texas Mortgage Rates 3.48% 3.27% +21
Washington Mortgage Rates 3.4% 3.25% +15

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

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