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Zillow Releases Mortgage Rates This Week

In line with record-low mortgage rates, ""Zillow"":http://www.zillow.com/ found interest rates for the 30-year fixed-rate loan hovering around 3.78 percent this week.

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The real estate finance Web site culled figures from anonymous online quotes, which it used in the Zillow Mortgage Marketplace.

The rate for a 15-year loan stayed around 3.11 percent, with rates for 5-year and 1-year adjustable-rate mortgages (ARMs) nearing 2.52 percent.

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""Mortgage rates have remained fairly insulated from stock market volatility for the past few weeks and have hovered in a narrow band between 3.7% and 3.9%,"" Erin Lantz, director of the Zillow Mortgage Marketplace, said in a statement.

""We expect this decoupling of rates and stock prices to continue this week as rumors of renewed Fed economic stimulus next quarter offsets any potentially positive economic news that might lift stock prices,"" she added.

By state, mortgage rates also fell nationally, with New York leading the way in a decline by 13 basis points from last week to crest at 3.69 percent.

Massachusetts followed with a drop by 9 basis points that landed rates for the 30-year loan at 3.78 percent in the state.

For New Jersey, rates for the 30-year loan fell to 3.78 percent, followed shortly by figures in Pennsylvania, which slid back by 6 basis points to hit 3.77 percent.

Colorado meanwhile arrived at 3.8 percent for its 30-year loan.

Only Illinois and Texas saw growth in their mortgage rates, which climbed to 3.86 percent and 3.85 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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