SEATTLE, July 17, 2012 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 3.42 percent, up three basis points from 3.39 percent at the same time last week. The 30-year fixed mortgage rate hovered between 3.4 and 3.45 percent for the majority of the week, dropping to the current rate this morning.
"Mortgage rates remained close to last week's record lows as weak retail sales figures set a somber stage for earnings reports expected from dozens of major companies this week," said Erin Lantz, director of Zillow Mortgage Marketplace. "While this week's earnings news may signal near-term changes in the condition of the U.S. economy, Fed chairman Ben Bernake's testimony on the state of the economy will do more to set expectations for the rest of the quarter. However, unless Bernake's testimony suggests that more stimulus in the form of QE3 is imminent, we expect rates to remain fairly flat as market participants wait for further indication that an economic recovery or additional stimulus is on the way."
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 2.85 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.54 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 (07/17/12) |
Last week's 30-Year Fixed Rate (07/10/12) |
Change in Basis Points |
| California Mortgage Rates | 3.4% | 3.37% | +3 |
| Colorado Mortgage Rates | 3.43% | 3.39% | +4 |
| Florida Mortgage Rates | 3.44% | 3.39% | +5 |
| Illinois Mortgage Rates | 3.43% | 3.37% | +6 |
| Massachusetts Mortgage Rates | 3.46% | 3.39% | +7 |
| New Jersey Mortgage Rates | 3.39% | 3.38% | +1 |
| New York Mortgage Rates | 3.49% | 3.38% | +11 |
| Pennsylvania Mortgage Rates | 3.42% | 3.37% | +5 |
| Texas Mortgage Rates | 3.42% | 3.46% | -4 |
| Washington Mortgage Rates | 3.42% | 3.4% | +2 |
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.
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