SEATTLE, Nov. 12, 2013 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow ® Mortgage Marketplace is currently 4.22 percent, the highest rate reported since late September and a 17 basis point jump from 4.05 percent at this time last week. The 30-year fixed mortgage rate hovered around 4.07 percent early last week, before spiking on Friday.
"Rates shot up after a surprisingly strong employment report on Friday came on the heels of a stronger than expected GDP report on Thursday," said Stan Humphries, chief economist at Zillow. "Looking ahead, any good economic news will serve to challenge the prevailing view that the Fed won't start tapering until March, and the more likely early tapering becomes, the higher rates should be expected to climb."
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 3.18 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.79 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 (11/12/13)||Last week's 30-Year Fixed Rate (11/05/13)||Change in Basis Points|
|California Mortgage Rates||4.25%||4.09%||+16|
|Colorado Mortgage Rates||4.25%||4.08%||+17|
|Florida Mortgage Rates||4.18%||4.01%||+17|
|Illinois Mortgage Rates||4.26%||4.07%||+19|
|Massachusetts Mortgage Rates||4.21%||4.05%||+16|
|New Jersey Mortgage Rates||4.16%||4.01%||+15|
|New York Mortgage Rates||4.22%||4.07%||+15|
|Pennsylvania Mortgage Rates||4.18%||4.01%||+17|
|Texas Mortgage Rates||4.21%||4.06%||+15|
|Washington Mortgage Rates||4.15%||4.09%||+6|
CONTACT: Media Contact: Alison Paoli, Zillow 206-757-2701 or firstname.lastname@example.org
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