SEATTLE, Sept. 11, 2012 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 3.38 percent, up two basis points from 3.36 percent at this same time last week. After peaking at 3.43 percent on Friday, the 30-year fixed mortgage rate dropped and hovered between 3.36 and 3.41 percent over the weekend, dropping to the current rate this morning.
"Mortgage rates spiked late last week after the European Central Bank (ECB) agreed to purchase European bonds to contain the eurozone debt crisis. However, the spike was short-lived and rates ended the week up only slightly as a weak U.S. jobs report offset enthusiasm for the ECB rescue plan," said Erin Lantz, director of Zillow Mortgage Marketplace.
"This coming week, we expect rates to remain steady as the market awaits direction from the Federal Reserve coming out of the Federal Open Market Committee (FOMC) meeting this Wednesday and Thursday. Although there is no clear consensus about what the Federal Reserve will decide, many expect the Federal Reserve will announce new stimulus plans or at least extend forward guidance to assure markets that the Federal Reserve won't increase the federal funds rate until 2015 or beyond. Assuming the Federal Reserve meets these expectations, we expect rates to remain fairly steady since the market has already priced in expectations for further Federal Reserve assurances," 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 2.75 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.41 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 (09/11/12) |
Last week's 30-Year Fixed Rate (09/04/12) |
Change in Basis Points |
||
| California Mortgage Rates | 3.39% | 3.38% | +1 | ||
| Colorado Mortgage Rates | 3.35% | 3.37% | -2 | ||
| Florida Mortgage Rates | 3.42% | 3.33% | +9 | ||
| Illinois Mortgage Rates | 3.39% | 3.37% | +2 | ||
| Massachusetts Mortgage Rates | 3.36% | 3.38% | -2 | ||
| New Jersey Mortgage Rates | 3.37% | 3.34% | +3 | ||
| New York Mortgage Rates | 3.47% | 3.42% | +5 | ||
| Pennsylvania Mortgage Rates | 3.35% | 3.34% | +1 | ||
| Texas Mortgage Rates | 3.4% | 3.37% | +3 | ||
| Washington Mortgage Rates | 3.35% | 3.35% | 0 | ||
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.
The Zillow logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10012