30-Year Fixed Mortgage Rate Drops 11 Basis Points, Back Down to Historically Low Levels; Current Rate is 3.39%, According to Zillow Mortgage Rate Ticker

Tue Aug 28, 2012 2:16pm EDT

* Reuters is not responsible for the content in this press release.

SEATTLE, Aug. 28, 2012 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 3.39 percent, down 11 basis points from 3.5 percent at this same time last week. The 30-year fixed mortgage rate hovered between 3.4 and 3.5 percent for the majority of the week, dropping to the current rate this morning.

"This past week, rates fell back down close to the historic low level we've enjoyed since June following the release of the Federal Open Market Committee minutes, which suggested the Federal Reserve was more supportive of additional stimulus in the form of quantitative easing (QE3) than the market had expected," said Erin Lantz, director of Zillow Mortgage Marketplace.

"Now that rates have returned to the low plateau where they've spent most of the summer, we expect rates to remain close to this equilibrium this coming week as the market awaits more significant events in the first half of September," 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 2.76 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.38 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
(08/28/12)
Last week's
30-Year
Fixed Rate
(08/21/12)
Change in
Basis Points
California Mortgage Rates 3.38% 3.51% -13
Colorado Mortgage Rates 3.43% 3.55% -12
Florida Mortgage Rates 3.41% 3.48% -7
Illinois Mortgage Rates 3.41% 3.48% -7
Massachusetts Mortgage Rates 3.45% 3.5% -5
New Jersey Mortgage Rates 3.38% 3.48% -10
New York Mortgage Rates 3.46% 3.55% -9
Pennsylvania Mortgage Rates 3.37% 3.46% -9
Texas Mortgage Rates 3.38% 3.48% -10
Washington Mortgage Rates 3.39% 3.51% -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