Press releases
Thirty-Year Fixed Mortgage Rate Continues Rapid Fall; Lowest Rate Since Zillow Mortgage Marketplace Launched in April 2008
Dec 1, 2009
SEATTLE, Dec. 1 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased seven basis points last week to 4.62 percent, down from 4.69 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 four basis points to 4.19 percent from 4.23 percent, while 5-1 adjustable rate mortgages increased five basis points to 3.74 percent, from 3.69 percent the week prior.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060503/ZILLOWLOGO)
The volume of mortgage requests last week fell 17 percent from the prior week. Of last week's requests, 49 percent were for refinance loans, 49 percent were for purchase loans and 2 percent were for home equity loans. There was no change in the mortgage type mix from the prior week.
Mortgage Type Average Rate Average Rate Change in
------------- Week ending 11/29/09 Week ending 11/22/09 Basis Points
-------------------- -------------------- ------------
30-year fixed 4.62% 4.69% -7
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15-year fixed 4.19% 4.23% -4
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5-1 ARM 3.74% 3.69% +5
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On Monday, rates for 30-year fixed purchase mortgages fell further, with the average rate on Zillow Mortgage Marketplace at 4.52 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.
Thirty-year fixed mortgage rates varied by state. Ohio mortgage rates and North Carolina mortgage rates decreased the most, from 4.79 percent to 4.63 percent in Ohio and from 4.72 percent to 4.60 percent in North Carolina. New York mortgage rates (4.79%), Missouri mortgage rates (4.72%) and Illinois mortgage rates (4.72%) were the highest in the country, while Texas mortgage rates (4.52%) and Colorado mortgage rates (4.54%) were the lowest. California mortgage rates were the most requested among all states.
State Average 30-yr. Average 30-yr.
----- Fixed Rate Fixed Rate Change in
Week ending 11/29/09 Week ending 11/22/09 Basis Points
-------------------- -------------------- ------------
Arizona 4.66% 4.75% -9
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California 4.62% 4.68% -6
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Colorado 4.54% 4.65% -11
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Connecticut 4.66% 4.74% -8
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Florida 4.60% 4.67% -7
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Georgia 4.64% 4.73% -9
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Illinois 4.72% 4.79% -7
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Maryland 4.68% 4.74% -6
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Massachusetts 4.63% 4.73% -10
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Michigan 4.60% 4.71% -11
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Missouri 4.72% 4.71% +1
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New Jersey 4.60% 4.70% -10
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New York 4.79% 4.83% -4
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North Carolina 4.60% 4.72% -12
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Ohio 4.63% 4.79% -16
---- ---- ---- ---
Oregon 4.63% 4.69% -6
------ ---- ---- ---
Pennsylvania 4.64% 4.74% -10
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Texas 4.52% 4.62% -10
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Virginia 4.61% 4.67% -6
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Washington 4.64% 4.66% -2
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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.
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SOURCE: Zillow.com
Web site: http://www.zillow.com/