Mortgage Rates Hold Steady; Current 30-Year Fixed Rate is 4.87%, According to Zillow Mortgage Rate Ticker

SEATTLE Feb. 2 /PRNewswire/ -- Thirty-year fixed mortgage rates on Zillow Mortgage Marketplace are currently 4.87 percent, up two basis points from 4.85 percent at this time last week. The 30-year fixed mortgage rates hovered between 4.80 and 4.90 percent for most of the past week, peaking just above 4.90 percent on Sunday.

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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 4.26 percent, while the rate for 5-1 adjustable rate mortgages is 3.84 percent.

The volume of mortgage requests in the past week fell 1 percent from the prior week. Of last week's requests, 34.5 percent were for refinance loans, 63.5 percent were for purchase loans and 2.0 percent were for home equity loans. The prior week, 32.7 percent of requests were for refinance loans, 65.3 percent were for purchase loans and 2.0 percent were for home equity loans.

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

    
    
    
                                    Current     Last week's              
                                    30-Year       30-Year      Change in 
                                   Fixed Rate    Fixed Rate      Basis   
            State                   (2/2/10)     (1/26/10)       Points  
                                    --------    -----------     ---------
    California Mortgage Rates         4.90%         4.82%          +8    
                                      ----          ----          ---    
    Colorado Mortgage Rates           4.87%         4.86%          +1    
                                      ----          ----          ---    
    Florida Mortgage Rates            4.82%         4.74%          +8    
                                      ----          ----          ---    
    Illinois Mortgage Rates           4.83%         4.98%         -15    
                                      ----          ----          ---    
    Massachusetts Mortgage Rates      5.01%         4.90%         +11    
                                      ----          ----          ---    
    New Jersey Mortgage Rates         4.86%         4.86%           0    
                                      ----          ----          ---    
    New York Mortgage Rates           4.94%         4.95%          -1    
                                      ----          ----          ---    
    Pennsylvania Mortgage Rates       4.86%         4.91%          -5    
                                      ----          ----          ---    
    Texas Mortgage Rates              4.86%         4.96%         -10    
                                      ----          ----          ---    
    Washington Mortgage Rates         4.85%         4.88%          -3    
                                      ----          ----          ---    
    
    
    

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.

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SOURCE Zillow