30-Year Fixed Mortgage Rates Spike 50 Basis Points, Highest Levels Since July
2011; Current Rate is 4.38%, According to Zillow Mortgage Rate Ticker
SEATTLE, June 25, 2013 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on
Zillow® Mortgage Marketplace is currently 4.38 percent, up fifty basis points
from 3.88 percent at this time last week. The 30-year fixed mortgage rate
hovered between 3.82 and 4 percent late last week, before spiking up near the
current rate over the weekend. This represents the highest rate on Zillow
Mortgage Marketplace since July 2011.
"Last week rates spiked up to levels not seen since July 2011 after Federal
Reserve Chairman, Ben Bernanke reiterated the Fed's commitment to scale back
its stimulus program later this year," said Erin Lantz, director of Zillow
Mortgage Marketplace. "This coming week, we expect rates will be volatile as
the market recalibrates and determines whether we've reached a new plateau
near 4.5 percent or whether this week's rate spike was an overreaction that
warrants a downward adjustment."
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 3.41 percent, while the
rate for a 5-1 adjustable-rate mortgage (ARM) is 3.18 percent.
Below are current rates for 30-year fixed mortgages by state. Additional
states' rates are available at: http://www.zillow.com/mortgage-rates.
Current Last week's
State 30-Year 30-Year Change in
Fixed Rate Fixed Rate Basis Points
California Mortgage Rates 4.41% 3.88% +53
Colorado Mortgage Rates 4.41% 3.93% +48
Florida Mortgage Rates 4.35% 3.84% +51
Illinois Mortgage Rates 4.36% 3.90% +46
Massachusetts Mortgage Rates 4.41% 3.88% +53
New Jersey Mortgage Rates 4.33% 3.86% +47
New York Mortgage Rates 4.40% 3.89% +51
Pennsylvania Mortgage Rates 4.37% 3.86% +51
Texas Mortgage Rates 4.39% 3.87% +52
Washington Mortgage Rates 4.42% 3.92% +50
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.
Zillow is a registered trademark of Zillow, Inc.
CONTACT: Media Contact:
Alison Paoli, Zillow
206-757-2701 or firstname.lastname@example.org
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