30-Year Fixed Mortgage Rate Hits Yet Another Record Low; Current Rate is 3.34%

SEATTLE — The 30-year fixed mortgage rate on Zillow(R) Mortgage Marketplace is currently 3.34 percent, down one basis point from 3.35 percent at the same time last week. This represents the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008. The previous low was 3.35 percent, first reported one week ago on July 24. After peaking at 3.53 percent on Sunday, the 30-year fixed mortgage rate dropped and hovered between 3.39 and 3.48 percent, sliding to the current rate this morning.

“Rates rose at the end of last week after European Central Bank (ECB) President Mario Draghi’s comments increased confidence that the ECB would take aggressive actions to restore the health of the eurozone,” said Erin Lantz, director of Zillow Mortgage Marketplace.

“This coming week, we expect rates to remain flat in the early part of the week with potential for more volatility later in the week on the heels of the Federal Open Market Committee’s (FOMC) announcement on Wednesday afternoon, ECB meeting on Thursday and the U.S. Employment Situation Report on Friday. Although this week has more potentially near-term market-moving events than usual, we do not expect to see significant, long-term, rate changes until a path to eurozone economic recovery or collapse becomes clear.”

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 2.74 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.44 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 (7/31/12), Last Week’s 30-Year Fixed Rate (7/24/12), Change in Basis Points
California, 3.32%, 3.33%,-1
Colorado ,3.35%, 3.36%, -1
Florida ,3.33%, 3.4%, -1
Illinois ,3.38%, 3.38%, 0
Massachusetts, 3.38%, 3.39%, -1
New Jersey ,3.32%, 3.32%, 0
New York , 3.46%, 3.52%, -6
Pennsylvania ,3.29%, 3.35%, -6
Texas ,3.29, 3.35%, -6
Washington ,3.35%, 3.37%, -2
[/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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