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Zillow Sees 30-Year Loan Rates Hit 3.94%

Real estate Web site ""Zillow"":http://www.zillow.com/ differed by few turns over mortgage rates, publicizing a small uptick in real-time mortgage rates. The latest rates arrive amid turmoil in markets at home and record lows for mortgage rates recorded by ""Bankrate.com"":http://www.bankrate.com/ and ""Freddie Mac"":http://www.freddiemac.com/.

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Zillow released the Zillow Mortgage Marketplace, an online note that sources live quotes for mortgage rates from anonymous lenders and potential borrowers.

According to the real estate Web site, the 30-year fixed-rate loan traded up by three basis points to hit 3.94 percent, up from 3.91 percent from last week ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the lowest such rate for the loan on record for the company since April 2008.

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Zillow said that the 30-year lifted last Friday to gamble between 3.97 percent and 3.99 percent over the course of Saturday and Sunday, with a plunge back to 3.91 percent ahead of the current rate upon which it settled today.

A spokesperson for Zillow could not be immediately reached for comment.

The real estate Web site also found rates for the 15-year fixed-rate mortgage hovering at 3.13 percent Tuesday. It said the five- and one-year adjustable-rate mortgages rose in the margins to hit 2.67 percent.

Among states, the 30-year fixed-rate loan gained particularly in California, where it ran into 3.97 percent, ahead of 3.91 percent for Massachusetts and 3.94 percent for Colorado.

Joining these three states, Pennsylvania leapt to 3.95 percent while Washington State jumped to 3.93 percent.

Meanwhile, Illinois led the way in steep declines for its mortgage rates, with rates plummeting 20 basis points to slam into 3.89 percent for homes in the Land of Lincoln.

Florida, New Jersey, Texas, and New York all saw few changes from last week, with their rates falling to 3.93 percent, 3.95 percent, 3.95 percent, and 3.93 percent, respectively.

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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