SEATTLE, June 25, 2013 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow ® Mortgage Marketplace is currently 4.38 percent, up fifty basis points from 3.88 percent at this time last week. The 30-year fixed mortgage rate hovered between 3.82 and 4 percent late last week, before spiking up near the current rate over the weekend. This represents the highest rate on Zillow Mortgage Marketplace since July 2011.
"Last week rates spiked up to levels not seen since July 2011 after Federal Reserve Chairman, Ben Bernanke reiterated the Fed's commitment to scale back its stimulus program later this year," said Erin Lantz, director of Zillow Mortgage Marketplace. "This coming week, we expect rates will be volatile as the market recalibrates and determines whether we've reached a new plateau near 4.5 percent or whether this week's rate spike was an overreaction that warrants a downward adjustment."
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 3.41 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.18 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 (06/25/13)||Last week's 30-Year Fixed Rate (06/18/13)||Change in Basis Points|
|California Mortgage Rates||4.41%||3.88%||+53|
|Colorado Mortgage Rates||4.41%||3.93%||+48|
|Florida Mortgage Rates||4.35%||3.84%||+51|
|Illinois Mortgage Rates||4.36%||3.90%||+46|
|Massachusetts Mortgage Rates||4.41%||3.88%||+53|
|New Jersey Mortgage Rates||4.33%||3.86%||+47|
|New York Mortgage Rates||4.40%||3.89%||+51|
|Pennsylvania Mortgage Rates||4.37%||3.86%||+51|
|Texas Mortgage Rates||4.39%||3.87%||+52|
|Washington Mortgage Rates||4.42%||3.92%||+50|
CONTACT: Media Contact: Alison Paoli, Zillow 206-757-2701 or firstname.lastname@example.org