Press releases
30-Year Mortgage Rates Above 5.00% Last Week
Rates Dropping Again This Week, According to Zillow® Mortgage Rate Monitor
Jan 27, 2009
SEATTLE – Jan. 27, 2009 – The weekly average rate borrowers were quoted on Zillow for thirty-year mortgages rose last week to 5.12 percent, up from 4.96 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Meanwhile, rates for 15-year fixed mortgages increased to 4.92 percent, up from 4.72 percent and 5-1 adjustable rate mortgages increased to 5.27 percent from 5.22 percent.
|
Mortgage Type |
Average Rate Week ending 1/25/09 |
Average Rate Week ending 1/18/09 |
% Change |
|
30-year fixed |
5.12% |
4.96% |
3.2% |
|
15-year fixed |
4.92% |
4.72% |
4.3% |
|
5-1 ARM |
5.27% |
5.22% |
1.1% |
Rates for 30-year fixed purchase mortgages had fallen by Monday evening, with the average rate on Zillow Mortgage Marketplace at 4.97 percent.
At a state level, the 30-year fixed mortgage rate in Michigan had the biggest increase, rising from 5.00 percent to 5.34 percent. Rates on 30-year fixed mortgages were lowest in the states of Georgia (5.03%) and Florida (5.03%), while Michigan (5.34%) and Tennessee (5.32%) had the highest rates.
|
State |
Average 30-yr. Fixed Rate Week ending 1/25/09 |
Average 30-yr. Fixed Rate Week ending 1/18/09 |
% Change |
|
Arizona |
5.08% |
4.93% |
3.1% |
|
California |
5.07% |
4.95% |
2.3% |
|
Colorado |
5.20% |
5.06% |
2.7% |
|
Connecticut |
5.17% |
5.00% |
3.4% |
|
Florida |
5.03% |
4.88% |
3.1% |
|
Georgia |
5.03% |
4.90% |
2.7% |
|
Illinois |
5.27% |
5.00% |
5.3% |
|
Maryland |
5.28% |
5.00% |
5.7% |
|
Massachusetts |
5.29% |
5.03% |
5.2% |
|
Michigan |
5.34% |
5.00% |
6.7% |
|
New Jersey |
5.05% |
4.89% |
3.2% |
|
New York |
5.12% |
4.97% |
3.1% |
|
North Carolina |
5.11% |
4.97% |
2.9% |
|
Ohio |
5.28% |
5.01% |
5.3% |
|
Oregon |
5.05% |
4.87% |
3.7% |
|
Pennsylvania |
5.05% |
4.90% |
3.1% |
|
Tennessee |
5.32% |
5.06% |
5.0% |
|
Texas |
5.20% |
4.98% |
4.5% |
|
Virginia |
5.22% |
5.05% |
3.4% |
|
Washington |
5.08% |
4.92% |
3.3% |
The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates quoted on Zillow Mortgage Marketplace by mortgage lenders to borrowers who have submitted loan requests. State-level data is gathered for the top 20 states with the highest quote volume on Zillow.
About Zillow Mortgage Marketplace
Zillow Mortgage Marketplace is a free, open, and transparent lending marketplace, where borrowers connect with lenders to find loans and get the best mortgage rates. Borrowers anonymously submit loan requests and receive an unlimited number of custom mortgage quotes with real rates directly from thousands of competing lenders. Zillow Mortgage Marketplace also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories.
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