30-Year Fixed Mortgage Rates Fall Below 4%; Current Rate is 3.96%, According to Zillow Mortgage Rate Ticker


SEATTLE, Oct. 7, 2014 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.96 percent, down twelve basis points from this time last week. The 30-year fixed mortgage rate spiked to 4.30 percent on Wednesday, then hovered around 4.06 percent for most of the week before falling to the current rate.

"Mortgage rates inched up briefly last week on the heels of Friday's stronger than expected jobs report before falling sharply on Monday, hitting 11-week lows," said Erin Lantz, vice president of mortgages at Zillow. "This week, with limited U.S. economic data slated for release, we expect rate movement to remain muted."

Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages 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 3.07 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.83 percent.

Purchase Mortgage Application Activity

Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity decreased by 1 percent from the week prior. Zillow combines loan requests made on Zillow Mortgages last week with the previous week's Mortgage Bankers Association (MBA) Weekly Application Index to predict the MBA's Weekly Application Index for purchase loans, which will be released tomorrow. For more information about this prediction, visit http://www.zillow.com/research/mortgage-app-index-part-one-7016/.         

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
(10/07/14)
Last Week's
30-Year
Fixed Rate
(09/30/14)
Change in
Basis
Points
 
  California Mortgage Rates 3.98% 4.08% -10  
  Colorado Mortgage Rates 3.95% 4.05% -10  
  Florida Mortgage Rates 3.95% 4.07% -12  
  Illinois Mortgage Rates 3.97% 4.10% -13  
  Massachusetts Mortgage Rates 3.96% 4.09% -13  
  New Jersey Mortgage Rates 3.95% 4.05% -10  
  New York Mortgage Rates 4.05% 4.18% -13  
  Pennsylvania Mortgage Rates 3.94% 4.03% -9  
  Texas Mortgage Rates 3.96% 4.06% -10  
  Washington Mortgage Rates 3.95% 4.06% -11  
           

About Zillow Mortgages

Zillow Mortgages, 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 Mortgages also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories

The Zillow logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=27572

Zillow is a registered trademark of Zillow, Inc.



            

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