Press releases

30-Year Mortgage Rates Rise to 5.25%

Feb 3, 2009

Rates for Purchase Mortgages on Zillow.com Highest Since Early December, According to Zillow® Mortgage Rate Monitor

 

SEATTLE, Feb. 3 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow for thirty-year mortgages rose again last week to 5.25 percent, up from 5.12 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 4.96 percent, up from 4.92 percent and 5-1 adjustable rate mortgages increased to 5.37 percent from 5.27 percent.

 

(Logo: http://www.newscom.com/cgi-bin/prnh/20060503/ZILLOWLOGO)

 

                       Average Rate       Average Rate
                        Week ending        Week ending
    Mortgage Type        2/01/09            1/25/09          % Change
    30-year fixed         5.25%              5.12%             2.5%
    15-year fixed         4.96%              4.92%             0.8%
    5-1 ARM               5.37%              5.27%             1.9%



 

Rates for 30-year fixed purchase mortgages had risen even more by Monday evening, with the average rate on Zillow Mortgage Marketplace at 5.17 percent.

 

At a state level, the 30-year fixed mortgage rate in California had the biggest increase, rising from 5.07 percent to 5.27 percent, while rates in Michigan bucked the national trend by decreasing from 5.34% to 5.21%. Rates on 30-year fixed mortgages were lowest in the states of Georgia (5.11%) and Washington (5.15%), while Massachusetts (5.40%) and Illinois (5.35%) had the highest rates.

 

 

 

 

                      Average 30-yr.         Average 30-yr.
                       Fixed Rate             Fixed Rate
    State          Week ending 2/01/09    Week ending 1/25/09      % Change
    Arizona                5.27%                  5.08%               3.7%
    California             5.27%                  5.07%               4.0%
    Colorado               5.25%                  5.20%               1.1%
    Connecticut            5.32%                  5.17%               3.0%
    Florida                5.18%                  5.03%               3.0%
    Georgia                5.11%                  5.03%               1.6%
    Illinois               5.35%                  5.27%               1.6%
    Maryland               5.25%                  5.28%              -0.6%
    Massachusetts          5.40%                  5.29%               2.0%
    Michigan               5.21%                  5.34%              -2.4%
    Minnesota              5.23%                  5.05%               1.5%
    New Jersey             5.19%                  5.05%               2.7%
    New York               5.31%                  5.12%               3.7%
    North Carolina         5.23%                  5.11%               2.3%
    Ohio                   5.27%                  5.28%              -0.2%
    Oregon                 5.21%                  5.05%               3.3%
    Pennsylvania           5.16%                  5.05%               2.1%
    Texas                  5.26%                  5.20%               1.2%
    Virginia               5.26%                  5.22%               0.7%
    Washington             5.15%                  5.08%               1.4%



 

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.

Zillow.com and Zillow are registered trademarks of Zillow, Inc.

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SOURCE: Zillow.com

Web site: http://www.zillow.com/