Press Releases

Mortgage Rates Decline; Current 30-Year Fixed Rate of 4.79% is at Lowest Level This Year, According to Zillow Mortgage Rate Ticker

Feb 16, 2010

SEATTLE, Feb. 16 /PRNewswire/ -- The thirty-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.79 percent, down two basis points from 4.81 percent at this time last week, and at the lowest level since mid-December of last year. The 30-year fixed mortgage rate hovered below 4.85 for most of the last week, but peaked near 4.90 percent on Thursday and Friday.

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Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the site, and reflect the most recent changes in the market. These are not marketing rates or a weekly survey.

The rate for 15-year fixed home loans is currently 4.22 percent, while the rate for 5-1 adjustable rate mortgages is 3.61 percent.

The volume of mortgage requests in the past week fell 6.7 percent from the prior week. Of last week's requests, 31.9 percent were for refinance loans, 66.3 percent were for purchase loans and 1.8 percent were for home equity loans. The prior week, 34.6 percent of requests were for refinance loans, 63.3 percent were for purchase loans and 2.1 percent were for home equity loans.

Below are current rates for 30-year fixed mortgages by state. Additional states' rates are available at: www.zillow.com/Mortgage_Rates.

    
    
    
    
    
                           Current
                           30-Year     Last week's
                             Fixed      30-Year     Change in
                              Rate     Fixed Rate     Basis
      State               (2/16/10)      (2/9/10)    Points
      -----               ---------   -----------   ---------
      California
       Mortgage Rates         4.76%         4.78%          -2
                              ----          ----          ---
      Colorado
       Mortgage Rates         4.71%         4.85%         -14
                              ----          ----          ---
      Florida Mortgage
       Rates                  4.75%         4.76%          -1
                              ----          ----          ---
      Illinois
       Mortgage Rates         4.82%         4.81%          +1
                              ----          ----          ---
      Massachusetts
       Mortgage Rates         4.91%         4.82%          +9
                              ----          ----          ---
      New Jersey
       Mortgage Rates         4.84%         4.92%          -8
                              ----          ----          ---
      New York
       Mortgage Rates         4.94%         4.96%          -2
                              ----          ----          ---
      Pennsylvania
       Mortgage Rates         4.89%         4.92%          -3
                              ----          ----          ---
      Texas Mortgage
       Rates                  4.92%         4.89%          +3
                              ----          ----          ---
      Washington
       Mortgage Rates         4.86%         4.76%         +10
                              ----          ----          ---

About Zillow Mortgage Marketplace

Zillow Mortgage Marketplace 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.com and Zillow are registered trademarks of Zillow, Inc.

SOURCE Zillow.com