30-Year Fixed Mortgage Rate Drops to New Record Low for Third Consecutive Week; Current Rate is 3.69%, According to Zillow Mortgage Rate Ticker
SEATTLE, Jan. 17, 2012 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow (Z)® Mortgage Marketplace is currently 3.69 percent, down two basis points from 3.71 percent at this same time last week. This represents the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008. The previous low was 3.71 percent, first reported one week ago on Jan. 10. The 30-year fixed mortgage rate hovered between 3.66 and 3.7 percent for the majority of the week, dropping to 3.64 percent on Sunday before rising to the current rate this morning.
"Rates have once again dropped to a new low and there are many refinancing options available to assist homeowners who are underwater on their mortgages, such as the recently revamped HARP program," said Erin Lantz, director of Zillow Mortgage Marketplace. "Although we don't expect 30-year-fixed rates to rise above the 4 percent range in the first half of the year, refinancing is not an overnight process so homeowners should start exploring their options now to take advantage of these rates."
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 3.03 percent, while the rate for a 5/1 adjustable-rate mortgage (ARM) is 2.63 percent.
Below are current rates for 30-year fixed mortgages by state. Additional states' rates are available at: http://www.zillow.com/mortgage-rates .
|California Mortgage Rates||3.74%||3.71%||+3|
|Colorado Mortgage Rates||3.67%||3.69%||-2|
|Florida Mortgage Rates||3.69%||3.7%||-1|
|Illinois Mortgage Rates||3.78%||3.75%||+3|
|Massachusetts Mortgage Rates||3.74%||3.72%||+2|
|New Jersey Mortgage Rates||3.6%||3.66%||-6|
|New York Mortgage Rates||3.65%||3.64%||+1|
|Pennsylvania Mortgage Rates||3.67%||3.71%||-4|
|Texas Mortgage Rates||3.76%||3.73%||+3|
|Washington Mortgage Rates||3.7%||3.67%||+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.
Zillow is a registered trademark of Zillow, Inc.
The Zillow logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10012
CONTACT: Media Contact: Jill Simmons, Zillow 206-757-2701 or email@example.com
Source: Zillow 2012 GlobeNewswire, Inc.