30-Year Fixed Mortgage Rate Ties Record Low

30-Year Fixed Mortgage Rate Ties Record Low; Current Rate is 3.48%, According to Zillow Mortgage Rate Ticker

SEATTLE, June 26, 2012 — The 30-year fixed mortgage rate on Zillow(R) Mortgage Marketplace is currently 3.48 percent, unchanged from the same time last week. Reported for the first time last week, this represents the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008. The 30-year fixed mortgage rate hovered between 3.49 and 3.54 percent for the majority of the week, dipping to the current rate this morning.

“Mortgage rates rose late last week on the heels of the Federal Reserve announcement saying that, in an effort to keep interest rates low, they plan to extend Operation Twist through 2012 rather than the more aggressive option of increasing the purchase of mortgage-backed securities,” said Erin Lantz, director of Zillow Mortgage Marketplace. “That option would have had the biggest impact in terms of keeping rates low. However, the slight increase in rates was short-lived, as rates are now back down below the 3.5 percent threshold they crossed for the first time last week.

“Looking to next week, news from the European Summit has the most potential to move markets, but unless the Summit produces unexpectedly immediate solutions, rates are unlikely to move much given the long-term nature of the European economic challenges,” 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 2.88 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.46 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 (6/26/12),Last Week’s 30-Year Fixed Rate (6/19/12),Change in Basis Points
California Mortgage Rates,3.46%,3.46%,none
Colorado Mortgage Rates,3.51%,3.48%,+3
Florida Mortgage Rates,3.48%,3.47%,+1
Illinois Mortgage Rates,3.54%,3.48%,+6
Massachusetts Mortgage Rates,3.47%,3.52%,-5
New Jersey Mortgage Rates,3.45%,3.46%,-1
New York Mortgage Rates,3.45%,3.46%,-1
Pennsylvania Mortgage Rates,3.46%,3.47%,-1
Texas Mortgage Rates,3.54%,3.54%,none
Washington Mortgage Rates,3.48%,3.49%,-1

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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