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Mortgage Rates Fall to 5.00% for Many States, Nation
May 19, 2009
Rates Drop Further Monday, According to Zillow® Mortgage Rate Monitor
SEATTLE, May 19 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.00 percent, down from 5.07 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 also dropped to 4.63 percent from 4.70 percent, and 5-1 adjustable rate mortgages decreased to 4.21 percent from 4.27 percent the week prior.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060503/ZILLOWLOGO)
Mortgage Type Average Rate Average Rate
Week ending 5/17/09 Week ending 5/10/09 % Change
30-year fixed 5.00% 5.07% -1.4%
15-year fixed 4.63% 4.70% -1.5%
5-1 ARM 4.21% 4.27% -1.4%
On Monday, rates for 30-year fixed purchase mortgages fell further, with the average rate on Zillow Mortgage Marketplace at 4.91 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.
Thirty-year fixed mortgage rates varied by state. Virginia mortgage rates, California mortgage rates and Washington mortgage rates decreased the most, down from 5.07 percent to 4.95 percent in Virginia, from 5.07 percent to 4.96 percent in California and from 5.06 percent to 4.95 percent in Washington. Georgia mortgage rates (4.91%) and Florida mortgage rates (4.94%) were the lowest in the country, while Ohio mortgage rates (5.13%) were the highest.
State Average 30-yr. Fixed Average 30-yr. Fixed
Rate Rate
Week ending 5/17/09 Week ending 5/10/09 % Change
Arizona 5.02% 5.06% -0.8%
California 4.96% 5.07% -2.2%
Colorado 4.99% 5.07% -1.6%
Connecticut 5.04% 5.04% 0.0%
Florida 4.94% 5.01% -1.4%
Georgia 4.91% 5.01% -2.0%
Illinois 5.07% 5.12% -1.0%
Maryland 5.06% 5.10% -0.8%
Massachusetts 5.07% 5.13% -1.2%
Michigan 5.06% 5.07% -0.2%
Missouri 5.03% 5.08% -1.0%
New Jersey 5.02% 5.04% -0.4%
New York 5.02% 5.06% -0.2%
North Carolina 5.07% 5.08% -0.2%
Ohio 5.13% 5.16% -0.6%
Oregon 5.02% 5.10% -1.6%
Pennsylvania 5.00% 5.06% -1.2%
Texas 5.02% 5.09% -1.4%
Virginia 4.95% 5.07% -2.4%
Washington 4.95% 5.06% -2.2%
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. 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/