Press Releases

30-Year Mortgages Stay Low and Stable

Apr 7, 2009

Rates Remain Flat on Monday, According to Zillow® Mortgage Rate Monitor

 

SEATTLE, April 7 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgages remained stable for the third consecutive week at 5.08 percent, down slightly from 5.09 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 decreased to 4.77 percent, down from 4.80 percent and 5-1 adjustable rate mortgages rose, up to 4.71 percent from 4.66 percent the week prior.

 

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    Mortgage Type           Average Rate         Average Rate
                     Week ending 4/05/09  Week ending 3/29/09      % Change
    30-year fixed                  5.08%                5.09%         -0.2%
    15-year fixed                  4.77%                4.80%         -0.6%
    5-1 ARM                        4.71%                4.66%          1.1%

 

Rates for 30-year fixed purchase mortgages had remained flat on Monday evening, with the average rate on Zillow Mortgage Marketplace at 5.08 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/ .

 

Thirty-year fixed mortgage rates varied by state. Illinois mortgage rates, Ohio mortgage rates and Pennsylvania mortgage rates decreased the most, increasing from 5.16 percent to 5.12 percent in Illinois, from 5.24 percent to 5.20 percent in Ohio and from 5.09 percent to 5.05 percent in Pennsylvania. Georgia mortgage rates (4.96 %) and Texas mortgage rates (5.02%) were the lowest in the country while Ohio mortgage rates (5.20%) were the highest. California mortgage rates were the most requested among all states.

 

    State            Average 30-yr. Fixed   Average 30-yr. Fixed
                             Rate                   Rate
                      Week ending 4/05/09    Week ending 3/29/09     % Change
    Arizona                         5.07%                  5.08%        -0.2%
    California                      5.07%                  5.06%         0.2%
    Colorado                        5.06%                  5.09%        -0.6%
    Connecticut                     5.09%                  5.10%        -0.2%
    Florida                         5.04%                  5.06%        -0.4%
    Georgia                         4.96%                  4.99%        -0.6%
    Illinois                        5.12%                  5.16%        -0.8%
    Maryland                        5.16%                  5.14%         0.4%
    Massachusetts                   5.10%                  5.08%         0.4%
    Michigan                        5.09%                  5.09%         0.0%
    Minnesota                       5.06%                  5.08%        -0.4%
    New Jersey                      5.08%                  5.12%        -0.8%
    New York                        5.14%                  5.15%        -0.2%
    North Carolina                  5.09%                  5.10%        -0.2%
    Ohio                            5.20%                  5.24%        -0.8%
    Oregon                          5.10%                  5.12%        -0.4%
    Pennsylvania                    5.05%                  5.09%        -0.8%
    Texas                           5.02%                  5.05%        -0.6%
    Virginia                        5.09%                  5.09%         0.0%
    Washington                      5.10%                  5.11%        -0.2%

 

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/