News Column

30-Year Fixed Mortgage Rate Rises to 3.24%, Zillow Reports

Dec. 18, 2012

The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 3.24 percent, up seven basis points from 3.17 percent at this same time last week. The 30-year fixed mortgage rate hovered between 3.17 and 3.23 percent for the majority of the week, rising to the current rate this morning.

"Last week, rates crept up slightly after the Federal Reserve announced changes to their bond-buying program that may result in a raise to the federal funds rate and reduce bond-buying more quickly than anticipated, pushing rates up sooner than previously expected," said Erin Lantz, director of Zillow Mortgage Marketplace. "Next week, we expect rates will remain near these levels, unless major progress is made in fiscal cliff negotiations in advance of the holidays."

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 2.57 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.4 percent.

Below are current rates for 30-year fixed mortgages by state.

State

Current

30-Year

Fixed Rate

(12/18/12)

Last week's

30-Year

Fixed Rate

(12/11/12)

Change in

Basis Points

California Mortgage Rates

3.24%

3.18%

+6

Colorado Mortgage Rates

3.29%

3.16%

+13

Florida Mortgage Rates

3.26%

3.16%

+10

Illinois Mortgage Rates

3.25%

3.23%

+2

Massachusetts Mortgage Rates

3.27%

3.2%

+7

New Jersey Mortgage Rates

3.2%

3.18%

+2

New York Mortgage Rates

3.24%

3.17%

+7

Pennsylvania Mortgage Rates

3.17%

3.14%

+3

Texas Mortgage Rates

3.25%

3.19%

+6

Washington Mortgage Rates

3.27%

3.17%

+10


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Source: Copyright PrimeNewswire 2012


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