Talk about good timing. Zillow today updated its iPhone app to include access to mortgage calculators and real-time mortgage rates, a move that comes as the average 30-year-fixed mortgage dropped below four percent for the first time.

With mortgage rates at record lows, more Americans will be researching mortgages and turning to sites and mobile apps such as Zillow to find out more information. The Zillow mobile apps, including its Android, Blackberry and Windows Phone 7 apps, are already popular with consumers viewing 2.4 million homes on the apps last month.

Now, with mortgages added to the mix, Zillow is hoping to drive even more engagement. “Real estate is inherently mobile, and our goal is to provide people with information about homes – and home financing – whenever and wherever they need it,” said CEO Spencer Rascoff.

In addition to affordability calculators, the app includes the ability for home buyers to receive personalized loan quotes and read lender reviews.

The company also has boosted the performance of maps within the app.

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  • LMAO

    Another Zillow Joke.

    Personalized loan quotes over the cell device?

    Rates change daily, sometimes hourly. Credit score, income, “Home Value” and much more all determine the rate a borrower can get.

    All Zillow is doing is selling the lead service to high volume rate quoters that in the end will mislead potential borrowers.

    This will be their next “accurate information” train wreck.

    • Erin Lantz

      Erin from Zillow
      here. I wanted to provide some background as to how Zillow Mortgage
      Marketplace actually works. Borrowers submit enough financial details to
      generate accurate quotes (credit score, income, purchase price and down
      payment) but no personal information like name, SSN, email or phone number. On
      average, borrowers get 18 quotes directly from national and regional lenders
      nationwide with rates priced in real time. And we report these rates
      hour-by-hour on the site. This is important because, like you said, mortgage
      rates often fluctuate throughout the day and a point or a fraction of a point
      can mean a real difference in the cost of the house you want to buy. What’s
      more, the open and transparent marketplace allows lenders to see what other
      lenders are quoting, which means they can adjust their rate and fee levels to
      be more competitive in the market. At the same time, borrowers can see which
      lenders are offering the best rates and fees.  After comparing quote
      details like rates and fees and reading through lender ratings, the borrower
      can then decide when, and if to contact the lender directly. We launched Zillow
      Mortgage Marketplace more than three years ago and the feedback from borrowers
      and lenders has been positive. In fact, already this year, borrowers have
      submitted 3.8 million loan requests. And since launch, borrowers have submitted
      more than 8600 lender reviews. We launched the Zillow Mortgage Marketplace
      iPhone App in June of this year. 

  • Skip It Again

    “read lender reviews”

    Read the reviews. Almost anyone that does business of any volume has 5 out of 5 stars.

    Hundreds of reviews, all perfect. Great, objective review system they have.

    Maybe Redfin can take this company over and Glenn can fix it.

  • Thiago

    Seems like a good move by Zillow. Keeping up with the trends is probably even more important to social media involvement than presentation. People appreciate consistency. Thiago |

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