SEATTLE, Jan. 14, 2014 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 4.23 percent, down 16 basis points from 4.39 percent at this time last week. The 30-year fixed mortgage rate hovered near 4.39 percent for the majority of the week before plummeting to 4.29 percent on Friday. Rates continued to fall over the weekend and early this week.
"Rates dipped after Friday's jobs report revealed employment below expectations by a wide margin. Although disappointing, the jobs report on its own is unlikely to offset the overall upward trend in rates," said Erin Lantz, director of mortgages at Zillow. "This week, we expect rates to remain fairly stable as markets await additional data that might reinforce or contradict the relatively subdued economic tone set by the jobs report."
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 3.20 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.83 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 (01/14/14)||Last Week's 30-Year Fixed Rate (01/07/14)||Change in Basis Points|
|California Mortgage Rates||4.26%||4.40%||-14|
|Colorado Mortgage Rates||4.29%||4.38%||-9|
|Florida Mortgage Rates||4.23%||4.37%||-14|
|Illinois Mortgage Rates||4.28%||4.46%||-18|
|Massachusetts Mortgage Rates||4.24%||4.36%||-12|
|New Jersey Mortgage Rates||4.22%||4.37%||-15|
|New York Mortgage Rates||4.22%||4.35%||-13|
|Pennsylvania Mortgage Rates||4.14%||4.35%||-21|
|Texas Mortgage Rates||4.23%||4.41%||-18|
|Washington Mortgage Rates||4.23%||4.40%||-17|
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.
Media Contact: Laura Lowery, Zillow 206-799-5604 or firstname.lastname@example.org