Press Releases

Federal Reserve Announcement Drives Mortgage Rate Drop

Mar 24, 2009

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

 

SEATTLE, March 24 /PRNewswire/ -- Driven by the news that the The Federal Reserve plans to spend an additional $750 billion to buy mortgage-backed securities, the weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgages fell to 5.06 percent, down from 5.21 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 4.73 percent, down from 4.78 percent and 5-1 adjustable rate mortgages also fell, down to 4.69 percent from 4.71 percent the week prior.

 

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    Mortgage Type        Average Rate          Average Rate        % Change
                     Week ending 3/22/09    Week ending 3/15/09
    30-year fixed           5.06%                  5.21%             -2.9%
    15-year fixed           4.73%                  4.78%             -1.0%
       5-1 ARM              4.69%                  4.71%             -0.4%


 

Rates for 30-year fixed purchase mortgages had decreased slightly on Monday evening, with the average rate on Zillow Mortgage Marketplace at 5.03 percent. For the most current up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/ .

 

Thirty-year fixed mortgage rates varied by state. Illinois mortgage rates, Michigan mortgage rates and Wisconsin mortgage rates decreased the most, dropping from 5.30 percent to 5.12 percent in Illinois, from 5.27 percent to 5.09 percent in Michigan and from 5.33 percent to 5.15 percent in Wisconsin. Georgia mortgage rates (4.92%), California mortgage rates (5.02%), Pennsylvania mortgage rates (5.02%) and Texas mortgage rates (5.02%) were the lowest in the country while Ohio mortgage rates (5.20%) were the highest.

 

    State         Average 30-yr. Fixed    Average 30-yr. Fixed    % Change
                         Rate                    Rate
                  Week ending 3/22/09     Week ending 3/15/09
    Arizona              5.06%                    5.21%             -2.9%
    California           5.02%                    5.18%             -3.1%
    Colorado             5.05%                    5.22%             -3.3%
    Connecticut          5.06%                    5.20%             -2.7%
    Florida              5.04%                    5.21%             -3.3%
    Georgia              4.92%                    5.05%             -2.6%
    Illinois             5.12%                    5.30%             -3.4%
    Maryland             5.11%                    5.25%             -2.7%
    Massachusetts        5.07%                    5.23%             -3.1%
    Michigan             5.09%                    5.27%             -3.4%
    New Jersey           5.05%                    5.18%             -2.5%
    New York             5.11%                    5.21%             -1.9%
    North Carolina       5.09%                    5.23%             -2.7%
    Ohio                 5.20%                    5.38%             -3.3%
    Oregon               5.10%                    5.23%             -2.5%
    Pennsylvania         5.02%                    5.19%             -3.3%
    Texas                5.02%                    5.13%             -2.1%
    Virginia             5.07%                    5.22%             -2.9%
    Washington           5.06%                    5.22%             -3.1%
    Wisconsin            5.15%                    5.33%             -3.4%


 

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/