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30-Year Mortgage Rates Remain Low for Second Week

Mar 31, 2009

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

 

SEATTLE, March 31 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgages remained relatively steady for the second consecutive week at 5.09 percent, up slightly from 5.06 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 4.80 percent, up from 4.73 percent and 5-1 adjustable rate mortgages dropped, down to 4.66 percent from 4.69 percent the week prior.

 

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    Mortgage Type     Average Rate          Average Rate            % Change
                    Week ending 3/29/09   Week ending 3/22/09

    30-year fixed          5.09%                   5.06%                0.6%
    15-year fixed          4.80%                   4.73%                1.5%
    5-1 ARM                4.66%                   4.69%               -0.6%

 

 

Rates for 30-year fixed purchase mortgages had decreased slightly on Monday evening, with the average rate on Zillow Mortgage Marketplace at 4.99 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/ .

 

Thirty-year fixed mortgage rates varied by state. Georgia mortgage rates , New Jersey mortgage rates and Pennsylvania mortgage rates increased the most, increasing from 4.92 percent to 4.99 percent in Georgia, from 5.05 percent to 5.12 percent in New Jersey and from 5.02 percent to 5.09 percent in Pennsylvania. Georgia mortgage rates (4.99 %) and Texas mortgage rates (5.05%) were the lowest in the country while Ohio mortgage rates (5.24%) were the highest. California mortgage rates were the most requested among all states.

 

    State    Average 30-yr. Fixed    Average 30-yr. Fixed     % Change
              Rate Week ending        Rate Week ending
                  3/29/09                3/22/09

    Arizona         5.08%                 5.06%                    0.4%
    California      5.06%                 5.02%                    0.8%
    Colorado        5.09%                 5.05%                    0.8%
    Connecticut     5.10%                 5.06%                    0.8%
    Florida         5.06%                 5.04%                    0.4%
    Georgia         4.99%                 4.92%                    1.4%
    Illinois        5.16%                 5.12%                    0.8%
    Maryland        5.14%                 5.11%                    0.6%
    Massachusetts   5.08%                 5.07%                    0.2%
    Michigan        5.09%                 5.09%                    0.0%
    Minnesota       5.08%                 5.02%                    1.2%
    New Jersey      5.12%                 5.05%                    1.4%
    New York        5.15%                 5.11%                    0.8%
    North Carolina  5.10%                 5.09%                    0.2%
    Ohio            5.24%                 5.20%                    0.8%
    Oregon          5.12%                 5.10%                    0.4%
    Pennsylvania    5.09%                 5.02%                    1.4%
    Texas           5.05%                 5.02%                    0.6%
    Virginia        5.09%                 5.07%                    0.4%
    Washington      5.11%                 5.06%                    1.0%


 

 

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/