SEATTLE, Feb. 4, 2014 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow ® Mortgage Marketplace is currently 4.09 percent, down nine basis points from 4.18 percent at this time last week. The 30-year fixed mortgage rate steadily declined last week, dropping to as low as 4.07 percent on Monday before rising to the current rate this morning.
"Recent weakness in emerging markets helped push rates down last week to 10-week lows as investors turned toward more reliable assets like mortgage backed securities," said Erin Lantz, director of mortgages at Zillow. "If Friday's jobs report is strong enough, it has the potential to pause a downward slide in rates and offset emerging market concerns."
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 3.10 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.72 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 (02/04/14)||Last Week's 30-Year Fixed Rate (01/28/14)||Change in Basis Points|
|California Mortgage Rates||4.12%||4.17%||-5|
|Colorado Mortgage Rates||4.13%||4.20%||-7|
|Florida Mortgage Rates||4.05%||4.17%||-12|
|Illinois Mortgage Rates||4.12%||4.17%||-5|
|Massachusetts Mortgage Rates||4.08%||4.21%||-13|
|New Jersey Mortgage Rates||4.04%||4.18%||-14|
|New York Mortgage Rates||4.12%||4.18%||-6|
|Pennsylvania Mortgage Rates||4.07%||4.16%||-9|
|Texas Mortgage Rates||4.07%||4.16%||-9|
|Washington Mortgage Rates||4.08%||4.19%||-11|
CONTACT: Media Contact: Laura Lowery, Zillow 206-799-5604 or firstname.lastname@example.org