Press Releases

30-Year Mortgage Rates Hover Around 5.25% for Third Straight Week

Mar 10, 2009

But Rates Lower on Monday, According to Zillow® Mortgage Rate Monitor

 

SEATTLE, March 10 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgages remained relatively steady for the third consecutive week at 5.28 percent, down slightly from 5.29 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 dropped to 4.82 percent, down from 4.89 percent and 5-1 adjustable rate mortgages dropped considerably, down to 4.64 percent from 4.93 percent the week prior.

 

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

 

      Mortgage Type          Average Rate         Average Rate       % Change
                           Week ending 3/8/09  Week ending 3/1/09
    30-year fixed                 5.28%               5.29%         -0.2%
    15-year fixed                 4.82%               4.89%         -1.4%
    5-1 ARM                       4.64%               4.93%         -5.9%



 

Although rates for 30-year fixed purchase mortgages were steady last week, they had fallen on Monday evening, with the average rate on Zillow Mortgage Marketplace at 5.15 percent. For the most current up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/ .

 

Thirty-year fixed mortgage rates varied by state. Massachusetts mortgage rates, Connecticut mortgage rates and California mortgage rates decreased the most, dropping from 5.35 percent to 5.29 percent in Massachusetts and from 5.28 percent to 5.23 percent in both Connecticut and California. Georgia mortgage rates (5.14 %) and Texas mortgage rates (5.22%) were the lowest in the country while Wisconsin mortgage rates (5.44%) were the highest.

 

          State           Average 30-yr. Fixed   Average 30-yr. Fixed % Change
                                    Rate                   Rate
                            Week ending 3/8/09     Week ending 3/1/09
    Arizona                         5.30%                  5.29%         0.2%
    California                      5.23%                  5.28%        -0.9%
    Colorado                        5.32%                  5.34%        -0.4%
    Connecticut                     5.23%                  5.28%        -0.9%
    Florida                         5.28%                  5.15%         2.5%
    Georgia                         5.14%                  5.17%        -0.6%
    Illinois                        5.37%                  5.36%         0.2%
    Maryland                        5.38%                  5.17%         4.1%
    Massachusetts                   5.29%                  5.35%        -1.1%
    Michigan                        5.28%                  5.28%         0.0%
    Minnesota                       5.28%                  5.28%         0.0%
    New Jersey                      5.28%                  5.26%         0.3%
    New York                        5.33%                  5.37%        -0.7%
    North Carolina                  5.33%                  5.28%         0.9%
    Oregon                          5.31%                  5.34%        -0.6%
    Pennsylvania                    5.28%                  5.24%         0.8%
    Texas                           5.22%                  5.26%        -0.8%
    Virginia                        5.28%                  5.18%         1.9%
    Washington                      5.26%                  5.29%        -0.6%
    Wisconsin                       5.44%                  5.44%         0.0%



 

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/