Mortgage Rates Decline; Current 30-Year Fixed Rate is 4.80%, According to Zillow Mortgage Rate Ticker

Mortgage Rates Decline; Current 30-Year Fixed Rate is 4.80%, According to Zillow Mortgage Rate Ticker

SEATTLE, March 2 -- The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.80 percent, down four basis points from 4.84 percent compared to this same time last week. The 30-year fixed mortgage rate peaked at 4.87 percent late last week before hovering below 4.80 percent over the weekend.

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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 4.23 percent, while the rate for 5-1 adjustable-rate mortgages (ARM) is 3.57 percent.

The total volume of mortgage requests in the past week was unchanged from the prior week. Of last week's requests, 32.2 percent were for refinance loans, 65.8 percent were for purchase loans and 2.0 percent were for home equity loans. The prior week, 30.2 percent of requests were for refinance loans, 67.7 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: http://www.zillow.com/Mortgage_Rates.

                     Current
                     30-Year   Last week's
                       Fixed       30-Year   Change in
                        Rate    Fixed Rate      Basis
       State        (3/2/10)     (2/23/10)     Points
       -----        --------    -----------   ---------
  California
   Mortgage
   Rates                4.71%         4.82%         -11
  ----------            ----          ----          ---
  Colorado
   Mortgage
   Rates                4.88%         4.92%          -4
  ---------             ----          ----          ---
  Florida
   Mortgage
   Rates                4.79%         4.86%          -7
  ---------             ----          ----          ---
  Illinois
   Mortgage
   Rates                4.79%         4.85%          -6
  ---------             ----          ----          ---
  Massachusetts
   Mortgage
   Rates                4.90%         4.88%          +2
  -------------         ----          ----          ---
  New Jersey
   Mortgage
   Rates                4.86%         4.89%          -3
  ----------            ----          ----          ---
  New York
   Mortgage
   Rates                4.88%         5.00%         -12
  ---------             ----          ----          ---
  Pennsylvania
   Mortgage
   Rates                4.81%         4.78%          +3
  ------------          ----          ----          ---
  Texas Mortgage
   Rates                4.69%         4.82%         -13
  --------------        ----          ----          ---
  Washington
   Mortgage
   Rates                4.82%         4.89%          -7
  ----------            ----          ----          ---

  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.

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