30-Year Fixed Mortgage Rate Drops 10 Basis Points; Current Rate is 3.72%, According to Zillow Mortgage Rate Ticker
January 31, 2012 3:22 PM
SEATTLE, Jan. 31, 2012 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 3.72 percent, down 10 basis points from 3.82 percent at this same time last week. On Jan. 17, the 30-year fixed mortgage rate dropped to 3.69 percent – the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008. The 30-year fixed mortgage rate stayed below 3.82 percent for the entire week, hovering between 3.68 percent and 3.75 percent over the weekend. The rate then dropped to 3.65 percent on Monday before rising to the current rate early this morning.
"The thirty-year fixed mortgage rate fell late in the day on Monday due to a renewed concern about Greece's unfinished debt restructuring negotiations," said Erin Lantz, director of Zillow Mortgage Marketplace. "Though strides have been made elsewhere in the EU to implement stricter budget discipline, as long as Greek uncertainty persists, mortgage rates will remain historically low as investors look to Treasury and U.S. mortgage bonds."
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 3.01 percent, while the rate for a 5/1 adjustable-rate mortgage (ARM) is 2.63 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 (01/31/12) |
Last week's 30-Year Fixed Rate (01/24/12) |
Change in Basis Points |
| California Mortgage Rates | 3.72% | 3.81% | -9 |
| Colorado Mortgage Rates | 3.7% | 3.9% | -20 |
| Florida Mortgage Rates | 3.68% | 3.86% | -18 |
| Illinois Mortgage Rates | 3.7% | 3.88% | -18 |
| Massachusetts Mortgage Rates | 3.67% | 3.86% | -19 |
| New Jersey Mortgage Rates | 3.68% | 3.75% | -7 |
| New York Mortgage Rates | 3.69% | 3.84% | -15 |
| Pennsylvania Mortgage Rates | 3.63% | 3.7% | -7 |
| Texas Mortgage Rates | 3.77% | 3.82% | -5 |
| Washington Mortgage Rates | 3.68% | 3.8% | -12 |
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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