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Mortgage Rates Surge Late Last Week; 30-Year Fixed Rates Peak Near 5.40% But Fall Over Weekend

Jun 2, 2009

Weekly Average Rate of 5.25% Highest Since March, According to Zillow® Mortgage Rate Monitor

 

SEATTLE, June 2 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased last week to 5.25 percent, up from 5.02 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 rose to 4.78 percent from 4.60 percent, and 5-1 adjustable rate mortgages rose to 4.48 percent from 4.27 percent the week prior.

 

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      Mortgage Type       Average Rate         Average Rate          % Change
                       Week ending 5/31/09   Week ending 5/24/09

    30-year fixed                  5.25%                 5.02%            4.6%
    15-year fixed                  4.78%                 4.60%            3.7%
    5-1 ARM                        4.48%                 4.27%            4.8%

 

Rates dipped slightly over the weekend, but were expected to climb again during the week. The rate for a 30-year fixed purchase mortgage was 5.28 percent on Monday morning. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

 

Thirty-year fixed mortgage rates varied by state. Maryland mortgage rates and Massachusetts mortgage rates were the highest, at 5.35 percent and 5.30 percent, respectively. Georgia mortgage rates were the lowest, at 5.15 percent. California mortgage rates were the most requested among all states.

 

      State             Average 30-yr.          Average 30-yr.        % Change
                          Fixed Rate              Fixed Rate
                      Week ending 5/31/09     Week ending 5/24/09

    Arizona                         5.25%                  5.04%         4.1%
    California                      5.24%                  5.00%         4.7%
    Colorado                        5.23%                  5.02%         4.1%
    Connecticut                     5.26%                  4.99%         5.4%
    Florida                         5.19%                  4.97%         4.4%
    Georgia                         5.15%                  4.93%         4.5%
    Illinois                        5.28%                  5.08%         4.0%
    Maryland                        5.35%                  5.09%         5.1%
    Massachusetts                   5.30%                  5.11%         3.7%
    Michigan                        5.21%                  5.01%         3.9%
    Missouri                        5.25%                  5.06%         3.8%
    New Jersey                      5.24%                  5.02%         4.4%
    New York                        5.29%                  5.05%         4.7%
    North Carolina                  5.27%                  5.07%         3.9%
    Ohio                            5.28%                  5.11%         3.3%
    Oregon                          5.27%                  5.03%         4.9%
    Pennsylvania                    5.26%                  4.99%         5.3%
    Texas                           5.25%                  5.02%         4.5%
    Virginia                        5.23%                  4.96%         5.5%
    Washington                      5.24%                  4.98%         5.2%

 

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/