Press releases
Thirty-Year Fixed Mortgage Rate Increases for the First Time Since Mid-October
National Rate Continues to Rise Monday, According to Zillow® Mortgage Rate Monitor
Dec 8, 2009
SEATTLE, Dec. 8 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased five basis points last week to 4.67 percent, up from 4.62 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 rose one basis point to 4.20 percent from 4.19 percent, while 5-1 adjustable rate mortgages remained flat at 3.74 percent.
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The volume of mortgage requests last week rose 10 percent from the prior week. Of last week's requests, 51 percent were for refinance loans, 48 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 49 percent of requests were for refinance loans, 49 percent were for purchase loans and 2 percent were for home equity loans.
Average Rate Average Rate
Week ending Week ending Change in
Mortgage Type 12/6/09 11/29/09 Basis Points
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30-year fixed 4.67% 4.62% +5
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15-year fixed 4.20% 4.19% +1
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5-1 ARM 3.74% 3.74% 0
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On Monday, rates for 30-year fixed purchase mortgages were higher, with the average rate on Zillow Mortgage Marketplace at 4.74 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 Michigan mortgage rates increased the most, from 4.63 percent to 4.78 percent in Ohio and from 4.60 percent to 4.72 percent in Michigan. New York mortgage rates (4.81%) and Illinois mortgage rates (4.81%) were the highest in the country, while Texas mortgage rates (4.58%), Colorado mortgage rates (4.63%) and Minnesota mortgage rates (4.63%) were the lowest. California mortgage rates were the most requested among all states.
Average 30-yr. Average 30-yr.
Fixed Rate Week Fixed Rate Week Change in Basis
State ending 12/6/09 ending 11/29/09 Points
----- ------------------ --------------- ---------------
Arizona 4.74% 4.66% +8
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California 4.64% 4.62% +2
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Colorado 4.63% 4.54% +9
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Connecticut 4.68% 4.66% +2
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Florida 4.65% 4.60% +5
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Georgia 4.70% 4.64% +6
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Illinois 4.81% 4.72% +9
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Maryland 4.71% 4.68% +3
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Massachusetts 4.70% 4.63% +7
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Michigan 4.72% 4.60% +12
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Minnesota 4.63% 4.54% +9
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New Jersey 4.68% 4.60% +8
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New York 4.81% 4.79% +2
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North Carolina 4.68% 4.60% +8
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Ohio 4.78% 4.63% +15
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Oregon 4.65% 4.63% +2
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Pennsylvania 4.71% 4.64% +7
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Texas 4.58% 4.52% +6
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Virginia 4.67% 4.61% +6
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Washington 4.68% 4.64% +4
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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/