SEATTLE, Sept. 18, 2012 — The 30-year fixed mortgage rate on Zillow(R) Mortgage Marketplace is currently 3.34 percent, down two basis points from 3.38 percent at this same time last week. This represents the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008,. After peaking at 3.46 percent on Wednesday, the 30-year fixed mortgage rate dropped to 3.33 percent and hovered between 3.36 and 3.39 percent over the weekend, dropping to the current rate this morning.
“Rates dropped this past week after the Federal Reserve announced more aggressive stimulus plans than most anticipated. The market expected some stimulus, but the Federal Reserve delivered more than expected, deciding to make QE3 ‘unlimited’ – with no defined end date – and coupling QE3 with a commitment to keep the federal funds rate close to zero through middle of 2015,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This combination of aggressive and unlimited stimulus programs drove rates down to near record lows, and although rates rebounded somewhat later in the week, they still remain significantly lower than prior weeks.”
“This week we expect rates to remain fairly flat since any economic news will likely be overshadowed by the ongoing impact of the Fed’s QE3 decision,” added Lantz.
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 2.71 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.45 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 (09/18/12), Last Week’s 30-Year Fixed Rate (09/11/12), Change in Basis Points
California, 3.39%, 3.39%,0
Colorado ,3.3%, 3.35%, -5
Florida ,3.33%, 3.42%, -9
Illinois ,3.3%, 3.39%, -9
Massachusetts, 3.33%, 3.36%, -3
New Jersey ,3.31%, 3.37%, -6
New York , 3.37%, 3.47%, -10
Pennsylvania ,3.33%, 3.35%, -2
Texas ,3.32, 3.4%, -8
Washington ,3.32%, 3.35%, -3
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.