30-Year Fixed Mortgage Rate Continues to Fall to Record-Breaking Lows

Current Rate is 3.39%, According to Zillow Mortgage Rate Ticker

SEATTLE, July 10, 2012 — The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 3.39 percent, down four basis points from 3.43 at the same time last week. This represents the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008. The previous low was 3.43 percent, first reported one week ago on July 3. The 30-year fixed mortgage rate hovered between 3.41 and 3.47 percent for the majority of the week, dropping to the current rate this morning.

“Last week, rates were pushed to another all-time low by the worse-than-expected employment report on Friday. This week, rates should remain fairly flat with limited scheduled news to alleviate US and European concerns,” said Erin Lantz, director of Zillow Mortgage Marketplace. “Although these low rates reflect the fragility of the global economic recovery, the silver lining for some U.S. homeowners is the opportunity to refinance at much lower rates, and programs like HARP are extending these opportunities to underwater homeowners who had previously been sidelined.”

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 2.83 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.43 percent.

Below are current rates for 30-year fixed mortgages by state. Additional states’ rates are available at: http://www.zillow.com/mortgage-rates.

[table] State, Current 30-Year Fixed Rate (7/10/12), Last Week’s 30-Year Fixed Rate (7/3/12), Change in Basis Points
California, 3.37%, 3.43%,-6
Colorado ,3.39%, 3.43%, -4
Florida ,3.39%, 3.45%, -6
Illinois ,3.37%, 3.45%, -8
Massachusetts, 3.39%, 3.45%, -6
New Jersey ,3.38%, 3.41%, -3
New York , 3.38%, 3.47%, -9
Pennsylvania ,3.37%, 3.41%, -4
Texas ,3.46%, 3.57%, -11
Washington ,3.4%, 3.46%, -6
[/table]

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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