30-Year Fixed Mortgage Rate Ties Record Low

Current Rate is 3.59%, According to Zillow Mortgage Rate Ticker

SEATTLE, June 5, 2012 (GLOBE NEWSWIRE) — The 30-year fixed mortgage rate on Zillow(R) Mortgage Marketplace is currently 3.59 percent, down one basis point from 3.6 percent at this same time last week. This represents the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008 — the last time this rate was reported was on May 15. After dipping below 3.5 percent earlier in the week, the 30-year fixed mortgage rate remained flat over the weekend, rising to the current rate early this morning.

“Although headlines out of Europe have dominated rate movements for the past months, Friday’s weak U.S. jobs report layered domestic concerns on top of ongoing eurozone worries, pushing rates into record territory,” said Erin Lantz, director of Zillow Mortgage Marketplace. “With limited economic data releases this coming week, we expect rates to remain fairly flat as the markets await more U.S. economic data, Treasury actions and the results of the Greek elections in mid-June.”

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 2.95 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.6 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 (6/5/12) Last week’s 30-year Fixed Rate (5/29/12) Change in Basis Points
California 3.59% 3.58% +1
Colorado 3.59% 3.57% -2
Florida 3.59% 3.57% -2
Illinois 3.61% 3.72% -11
Massachusetts 3.61% 3.66% -5
New Jersey 3.57% 3.57% 0
New York 3.51% 3.6% -9
Pennsylvania 3.6% 3.59% +1
Texas 3.6% 3.59% +1
Washington 3.6% 3.63% -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.

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