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30-Year Fixed Mortgage Rates Experience Biggest Weekly Drop Since January, Fall Back Below 4 Percent; Current Rate is 3.96%, According to Zillow Mortgage Rate Ticker

September 2, 2014

SEATTLE, Sept. 2, 2014 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.96 percent, down twelve basis points from this time last week. The 30-year fixed mortgage rate hovered around 4 percent for most of last week, peaking at 4.09 percent on Monday before easing back down to the current rate on Tuesday.

"Mortgage rates stayed below 4 percent for much of last week on news of a potential European Central Bank plan to implement a stimulus program similar to the Federal Reserve's that has kept rates low in the U.S.," said Erin Lantz, vice president of mortgages at Zillow. "We expect rates to remain flat in this holiday-shortened week, as any bright spots in domestic economic data will likely be overshadowed by concerns about the European economy."

Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages 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 3.04 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.81 percent.

Purchase Mortgage Application Activity

Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity increased by 4 percent from the week prior. Zillow combines loan requests made on Zillow Mortgages last week with the previous week's Mortgage Bankers Association (MBA) Weekly Application Index to predict the MBA's Weekly Application Index for purchase loans, which will be released tomorrow. For more information about this prediction, visit http://www.zillow.com/research/mortgage-app-index-part-one-7016/.         

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

           
     
 StateCurrent

30-Year

Fixed Rate

(09/02/14)
Last Week's

30-Year

Fixed Rate

(08/26/14)
Change in

Basis

Points
 
 California Mortgage Rates 3.98% 4.07% -9  
 Colorado Mortgage Rates 3.98% 4.04% -6  
 Florida Mortgage Rates 3.95% 4.07% -12  
 Illinois Mortgage Rates 3.99% 4.13% -14  
 Massachusetts Mortgage Rates 3.97% 4.03% -6  
 New Jersey Mortgage Rates 3.94% 4.15% -21  
 New York Mortgage Rates 3.97% 4.19% -22  
 Pennsylvania Mortgage Rates 3.94% 4.07% -13  
 Texas Mortgage Rates 3.95% 4.04% -9  
 Washington Mortgage Rates 3.99% 4.08% -9  
           


About Zillow Mortgages

Zillow Mortgages, 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 Mortgages also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories

The Zillow logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=26918

Zillow is a registered trademark of Zillow, Inc.

CONTACT: Media Contact: Alison Paoli, Zillow 206-757-2701 or press@zillow.com



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Source: Zillow


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