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Zillow: Mortgage Rates Fall to Historic Lows

Keeping trends on track for mortgage rates, real estate Web site ""Zillow"":http://www.zillow.com/ revealed a 15 basis-point plunge for the benchmark 30-year fixed-rate mortgage. The current rate beached on a record all-time low made possible last month.

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According to the Zillow Mortgage Marketplace, which the Web site creates by tracking thousands of anonymous loan quotes reported daily, the 30-year loan fell from 4.07 percent last week to crest at 3.92 percent. The 15 basis-point drop represents only the second time rates for the loan have fallen below 4 percent, according to a statement released Tuesday by Zillow.

Meanwhile, rates for the 15-year loan hovered at 3.17 percent, as the figure for a 5-1 adjustable-rate mortgage (ARM) reached 2.57 percent.

Most of the largest states likewise saw considerable change in the 30-year loan. Illinois and New Jersey led the way down for the benchmark mortgage, with basis points for each dropping by 20 and 19, respectively.

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For Illinois, rates for the 30-year loan plunged from 4.14 percent to 3.94 percent. The latter state saw loans increase in attractiveness with rates declining to 3.92 percent from 4.11 percent.

Borrowers seeking loan quotes from Zillow found rates in Texas and Washington trailing behind the above two, with the Lone Star State placing third with a 16 basis-point drop that leveled 4.01 percent from last week off at 3.85 percent this week.

Quotes for 30-year loan rates in the Evergreen State fell from 3.99 percent to 3.84 percent, reflecting a 15 basis-point dip.

Colorado and New York raced each other in 13 basis-point flips, alongside California and Massachusetts, for which Zillow recorded 12 basis-point plunges.

Quotes for the former two saw their 30-year rates falling to 3.86 percent and 3.95 percent from 4.09 percent and 4.08 percent, respectively. For the latter two states, quoted rates fell to 3.97 percent and 3.92 percent from 4.09 percent and 4.04 percent, respectively.

Pennsylvania and Florida placed last for Zillow, with rates for the 30-year falling for each by only 10 basis points and 6 basis points, respectively.

The 30-year dipped from 4.09 percent to 3.9 percent for borrowers in the Keystone State, while the Sunshine State witnessed a moderate change, as rates fell from 3.94 percent to 3.88 percent.

According to a statement, the Zillow Mortgage Marketplace is an online platform where borrowers anonymously secure loan quotes from lenders.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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