SEATTLE, May 20, 2014 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 4.05 percent, down five basis points from this time last week. The 30-year fixed mortgage rate declined early last week to 4.03 percent, where rates hovered for the majority of the week before rising slightly to the current rate on Monday.
"Rates dropped last week, and briefly dipped below four percent for the first time since October, as expectations rose that the European Central Bank will ease monetary policy to stimulate growth," said Erin Lantz, vice president of mortgages at Zillow. "With little domestic news scheduled for release this week, market observers will look abroad for news that could push rates back into the three percent range."
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 3.06 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.77 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 (05/20/14)
Last Week's 30-Year
Fixed Rate (05/13/14)
|California Mortgage Rates||4.07%||4.11%||-4|
|Colorado Mortgage Rates||4.03%||4.08%||-5|
|Florida Mortgage Rates||4.03%||4.10%||-7|
|Illinois Mortgage Rates||4.13%||4.13%||0|
|Massachusetts Mortgage Rates||4.03%||4.12%||-9|
|New Jersey Mortgage Rates||4.03%||4.08%||-5|
|New York Mortgage Rates||4.06%||4.16%||-10|
|Pennsylvania Mortgage Rates||4.03%||4.09%||-6|
|Texas Mortgage Rates||4.06%||4.10%||-4|
|Washington Mortgage Rates||4.05%||4.08%||-3|
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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Media Contact: Laura Lowery, Zillow 206-799-5604 or firstname.lastname@example.org