SEATTLE, March 20, 2012 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 3.97 percent, up twenty-three basis points from 3.74 percent at this same time last week. This signifies the highest rate recorded on Zillow Mortgage Marketplace in the last five months. The 30-year fixed mortgage rate steadily rose for the majority of the week, dropping to 3.9 percent on Monday. The rate briefly reached to 4 percent late Monday night before falling to the current rate early this morning.
"Mortgage rates hit 4 percent for the first time in five months after a collection of positive news. The Federal Reserve delivered a better assessment of the economy and reduced speculation that the Fed would buy even more mortgage-backed securities, bank stress test results were more positive than many expected, and Greece's second bailout plans appeared on track," said Erin Lantz, director of Zillow Mortgage Marketplace.
"Rate movement this coming week should help indicate whether we return to the even lower levels we've enjoyed for the past five months, or whether we've reached a new plateau," said 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 3.16 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.85 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 (03/20/12) |
Last week's 30-Year Fixed Rate (03/13/12) |
Change in Basis Points |
||
| California Mortgage Rates | 3.97% | 3.73% | +24 | ||
| Colorado Mortgage Rates | 4.02% | 3.81% | +21 | ||
| Florida Mortgage Rates | 3.93% | 3.68% | +25 | ||
| Illinois Mortgage Rates | 4.01% | 3.78% | +23 | ||
| Massachusetts Mortgage Rates | 4.06% | 3.79% | +27 | ||
| New Jersey Mortgage Rates | 3.94% | 3.71% | +23 | ||
| New York Mortgage Rates | 3.95% | 3.78% | +17 | ||
| Pennsylvania Mortgage Rates | 3.97% | 3.69% | +28 | ||
| Texas Mortgage Rates | 3.98% | 3.78% | +20 | ||
| Washington Mortgage Rates | 3.98% | 3.69% | +29 | ||
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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