30-Year Fixed Mortgage Rates Rise to 12-Month Highs; Current Rate is 3.71%, According to Zillow Mortgage Rate Ticker

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SEATTLE, May 28, 2013 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 3.71 percent, up thirteen basis points from 3.58 percent at this time last week. The 30-year fixed mortgage rate hovered between 3.65 and 3.68 percent for the majority of the week before rising to the current rate this morning.

"Rates spiked last week after meeting minutes revealed the Fed was contemplating scaling back economic stimulus plans much earlier than expected," said Erin Lantz, director of Zillow Mortgage Marketplace. "Now at 12-month highs, we expect rates to remain stable in the near-term, but new direction from the Fed and employment figures could boost rates significantly."

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 2.87 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.37 percent.

Below are current rates for 30-year fixed mortgages by state. Additional states' rates are available at: http://www.zillow.com/mortgage-rates.

Fixed Rate
Last week's
Fixed Rate

Change in
California Mortgage Rates 3.74% 3.61% +13
Colorado Mortgage Rates 3.70% 3.54% +16
Florida Mortgage Rates 3.67% 3.54% +13
Illinois Mortgage Rates 3.70% 3.62% +8
Massachusetts Mortgage Rates 3.74% 3.57% +17
New Jersey Mortgage Rates 3.69% 3.54% +15
New York Mortgage Rates 3.73% 3.58% +15
Pennsylvania Mortgage Rates 3.65% 3.55% +10
Texas Mortgage Rates 3.72% 3.61% +11
Washington Mortgage Rates 3.72% 3.60% +12

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