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National 30-year Fixed Mortgage Rate Nears 5.00%; 5-1 ARMs Fall Below 4.00%

National Rate Declines Further Monday, According to Zillow® Mortgage Rate Monitor

Sep 29, 2009

 

 

 

 

 

 

SEATTLE, Sept. 29 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased slightly from last week to 5.02 percent, down from 5.04 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 4.42 percent from 4.45 percent, and 5-1 adjustable rate mortgages fell to 3.94 percent, down from 4.00 the week prior.

 

 

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

 

 

The volume of mortgage requests fell very slightly last week from 10,996 to 10,963. Of this week's requests, 43.7 percent were for refinance loans, 54.1 percent were for purchase loans and 2.2 percent were for home equity loans. Last week, 44.3 percent of requests were for refinance loans, 53.5 percent were for purchase loans and 2.2 percent were for home equity loans.

 

 

                      Average Rate         Average Rate
    Mortgage Type   Week ending 9/27/09    Week ending 9/20/09     % Change
    -------------   --------------------   -------------------     ---------
    30-year fixed               5.02%                   5.04%          -0.4%
    -------------               ----                    ----           ----
    15-year fixed               4.42%                   4.45%          -0.7%
    -------------               ----                    ----           ----
    5-1 ARM                     3.94%                   4.00%          -1.5%
    -------                     ----                    ----           ----


 

 

On Monday, rates for 30-year fixed purchase mortgages decreased further, with the average rate on Zillow Mortgage Marketplace at 4.94 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, New York mortgage rates and Washington mortgage rates decreased the most, from 5.00 percent to 4.96 percent in Georgia, from 5.10 percent to 5.06 percent in New Jersey, from 5.15 percent to 5.11 percent in New York and from 5.03 percent to 4.99 percent in Washington. Illinois mortgage rates (5.20%), Ohio mortgage rates (5.13%) and Wisconsin mortgage rates (5.13%) were the highest in the country, while Texas mortgage rates (4.95%) and Georgia mortgage rates (4.96%) 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 9/27/09     Week ending 9/20/09   % Change
    -----             -------------------     -------------------    -------
    Arizona                        5.07%                 5.09%         -0.4%
    -------                        ----                  ----          ----
    California                     4.97%                 4.99%         -0.4%
    ----------                     ----                  ----          ----
    Colorado                       4.98%                 5.00%         -0.4%
    --------                       ----                  ----          ----
    Connecticut                    5.04%                 5.01%          0.6%
    -----------                    ----                  ----           ---
    Florida                        5.01%                 5.00%          0.2%
    -------                        ----                  ----           ---
    Georgia                        4.96%                 5.00%         -0.8%
    -------                        ----                  ----          ----
    Illinois                       5.20%                 5.22%         -0.4%
    --------                       ----                  ----          ----
    Maryland                       5.06%                 5.08%         -0.4%
    --------                       ----                  ----          ----
    Massachusetts                  5.10%                 5.08%          0.4%
    -------------                  ----                  ----           ---
    Michigan                       5.07%                 5.09%         -0.4%
    --------                       ----                  ----          ----
    New Jersey                     5.06%                 5.10%         -0.8%
    ----------                     ----                  ----          ----
    New York                       5.11%                 5.15%         -0.8%
    --------                       ----                  ----          ----
    North Carolina                 5.04%                 5.05%         -0.2%
    --------------                 ----                  ----          ----
    Ohio                           5.13%                 5.12%          0.2%
    ----                           ----                  ----           ---
    Oregon                         5.10%                 5.11%         -0.2%
    ------                         ----                  ----          ----
    Pennsylvania                   5.04%                 5.07%         -0.6%
    ------------                   ----                  ----          ----
    Texas                          4.95%                 4.96%         -0.2%
    -----                          ----                  ----          ----
    Virginia                       4.98%                 5.01%         -0.6%
    --------                       ----                  ----          ----
    Washington                     4.99%                 5.03%         -0.8%
    ----------                     ----                  ----          ----
    Wisconsin                      5.13%                 5.16%         -0.6%
    ---------                      ----                  ----          ----

 

 

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

Photo: http://www.newscom.com/cgi-bin/prnh/20060503/ZILLOWLOGO
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SOURCE: Zillow.com

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


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