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30-Year Fixed Mortgage Rate Rises After Falling to All-Time Low Last Week; Current Rate is 3.82%, According to Zillow Mortgage Rate Ticker(January 24, 2012)
SEATTLE, Jan. 24, 2012 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 3.82 percent, up 13 basis points from 3.69 percent at this same time last week. The 30-year fixed mortgage rate hovered between 3.7 and 3.8 percent for the majority of the week, rising to the current rate early this morning.
"The 30-year fixed mortgage rate rose above 3.8 percent last week as more lenders increased their prices to cover a government-mandated fee on Fannie Mae and Freddie Mac loans," said Erin Lantz, director of Zillow Mortgage Marketplace. "The new fee was voted on by Congress late last year to pay for the extension of a payroll tax deduction and federal unemployment benefits. Though the fee does not take effect until April 1, 2012, lenders already are incorporating it into their rates to cover for future closings."
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 3.12 percent, while the rate for a 5/1 adjustable-rate mortgage (ARM) is 2.76 percent.
Below are current rates for 30-year fixed mortgages by state. Additional states' rates are available at: http://www.zillow.com/mortgage-rates.
California Mortgage Rates
Colorado Mortgage Rates
Florida Mortgage Rates
Illinois Mortgage Rates
Massachusetts Mortgage Rates
New Jersey Mortgage Rates
New York Mortgage Rates
Pennsylvania Mortgage Rates
Texas Mortgage Rates
Washington Mortgage Rates
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.
The Zillow logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10012
CONTACT: Media Contact:
Jill Simmons, Zillow
206-757-2701 or [email protected]
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