SEATTLE, May 14, 2013 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow ® Mortgage Marketplace is currently 3.48 percent, up nine basis points from 3.39 percent at this same time last week. The 30-year fixed mortgage rate hovered between 3.39 and 3.41 percent for the majority of the week before rising near the current rate on Friday.
"Prompted by rumors that the Fed would begin scaling back the QE3 stimulus program earlier than anticipated, mortgage rates rose late last week to a level not seen since early April," said Erin Lantz, director of Zillow Mortgage Marketplace. "This coming week, we expect rates will continue a longer-term upward trend as economic data points towards continued signs of economic recovery."
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 2.62 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.30 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 (05/14/13)||Last week's 30-Year Fixed Rate (05/07/13)||Change in Basis Points|
|California Mortgage Rates||3.48%||3.40%||+8|
|Colorado Mortgage Rates||3.47%||3.40%||+7|
|Florida Mortgage Rates||3.48%||3.33%||+15|
|Illinois Mortgage Rates||3.48%||3.41%||+7|
|Massachusetts Mortgage Rates||3.46%||3.42%||+4|
|New Jersey Mortgage Rates||3.46%||3.38%||+8|
|New York Mortgage Rates||3.48%||3.39%||+9|
|Pennsylvania Mortgage Rates||3.47%||3.40%||+7|
|Texas Mortgage Rates||3.52%||3.40%||+12|
|Washington Mortgage Rates||3.52%||3.39%||+13|
CONTACT: Media Contact: Jill Simmons, Zillow 206-757-2701 or firstname.lastname@example.org