Zillow: 30-year, fixed rates reach another low at 4.25%
Interest rates continue to set all-time lows, as Zillow reported its Mortgage Marketplace showed the average rate for a 30-year, fixed mortgage is currently 4.25%. The real estate information firm said the rate if down seven basis points from 4.32% the week earlier and at the lowest level since the report launched in April 2008. Zillow said the rate was as high as 4.35% on Saturday and hovered near 4.33% before falling to the current level Monday. The firm bases its rates on thousands of quotes submitted daily to anonymous borrowers through its website. Rates in many large states fell, including double-digit drops in basis points in some states led by New Jersey's decline to 4.13% from 4.28% previously. The rates for a 30-year, fixed mortgage in Florida, New York and Pennsylvania each fell 12 bps to 4.24%, 4.31% and 4.27% respectively. Meanwhile, rates in Colorado (to 4.35% from 4.29%) and Washington (to 4.36% from 4.29%) rose from the prior week. For 15-year fixed-rate mortgages, Zillow's data showed a current interest rate of 3.73%, and five-year adjustable-rate mortgages are available at 3.13%, according to Zillow. Write to Jason Philyaw.