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National 30-year Fixed Mortgage Rates Down After Spike Earlier This Month

Rates Remain Steady Monday, According to Zillow® Mortgage Rate Monitor

Aug 25, 2009

 

 

 

 

SEATTLE, Aug. 25 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.19 percent, down from 5.30 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Rates for 15-year fixed mortgages fell to 4.59 percent from 4.63 percent, and 5-1 adjustable rate mortgages fell to 4.17 percent, down from 4.22 the week prior.

 

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                            Average Rate          Average Rate
    Mortgage Type       Week ending 8/23/09   Week ending 8/16/09     % Change
    -------------      --------------------  --------------------     --------
    30-year fixed                 5.19%                   5.30%          -1.9%
    -------------                 ----                    ----           ----
    15-year fixed                 4.59%                   4.63%          -0.8%
    -------------                 ----                    ----           ----
    5-1 ARM                       4.17%                   4.22%          -1.2%
    -------                       ----                    ----           ----

 

On Monday, rates for 30-year fixed purchase mortgages remained steady, with the average rate on Zillow Mortgage Marketplace at 5.18 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, Illinois mortgage rates and Massachusetts mortgage rates decreased the most, from 5.27 percent to 5.12 percent in Georgia, from 5.44 percent to 5.30 percent in Illinois and from 5.38 percent to 5.23 percent in Massachusetts. New York mortgage rates (5.31%) and Maryland mortgage rates (5.33%) were the highest in the country, while Georgia mortgage rates (5.12%) and Colorado mortgage rates (5.15%) were the lowest. California mortgage rates were the most requested among all states.

 

                       Average 30-yr.       Average 30-yr.
                        Fixed Rate           Fixed Rate
    State           Week ending 8/23/09    Week ending 8/16/09       % Change
    -----          --------------------   --------------------       --------
    Arizona              5.23%                   5.34%                  -2.0%
    -------              ----                    ----                    ----
    California           5.16%                   5.25%                  -1.7%
    ----------           ----                    ----                    ----
    Colorado             5.15%                   5.27%                  -2.2%
    --------             ----                    ----                    ----
    Connecticut          5.16%                   5.28%                  -2.3%
    -----------          ----                    ----                    ----
    Florida              5.17%                   5.28%                  -2.1%
    -------              ----                    ----                    ----
    Georgia              5.12%                   5.27%                  -2.8%
    -------              ----                    ----                    ----
    Illinois             5.30%                   5.44%                  -2.7%
    --------             ----                    ----                    ----
    Maryland             5.33%                   5.40%                  -1.3%
    --------             ----                    ----                    ----
    Massachusetts        5.23%                   5.38%                  -2.7%
    -------------        ----                    ----                    ----
    Michigan             5.30%                   5.38%                  -1.5%
    --------             ----                    ----                    ----
    New Jersey           5.23%                   5.34%                  -2.1%
    ----------           ----                    ----                    ----
    New York             5.31%                   5.38%                  -1.3%
    --------             ----                    ----                    ----
    North Carolina       5.21%                   5.31%                  -1.9%
    --------------       ----                    ----                    ----
    Ohio                 5.29%                   5.40%                  -2.0%
    ----                 ----                    ----                    ----
    Oregon               5.26%                   5.31%                  -1.1%
    ------               ----                    ----                    ----
    Pennsylvania         5.20%                   5.30%                  -2.0%
    ------------         ----                    ----                    ----
    South Carolina       5.20%                   5.32%                  -2.4%
    --------------       ----                    ----                    ----
    Texas                5.19%                   5.29%                  -1.8%
    -----                ----                    ----                    ----
    Virginia             5.18%                   5.29%                  -2.1%
    --------             ----                    ----                    ----
    Washington           5.18%                   5.25%                  -1.4%
    ----------           ----                    ----                    ----

 

The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates for conforming loans 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. Learn more about our rates.

 

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.

 

 

 

SOURCE Zillow.com

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SOURCE: Zillow.com

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