Press Releases

After Weeks on the Rise, Mortgage Rates Finally Drop

Jun 23, 2009

Rates Fall Further on Monday, According to Zillow® Mortgage Rate Monitor

 

SEATTLE, June 23 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.58 percent, down from 5.72 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 fell to 5.01 percent from 5.18 percent, and 5-1 adjustable rate mortgages remained flat at 4.73 percent.

 

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

 

      Mortgage Type         Average Rate          Average Rate       % Change
                          Week ending 6/21/09   Week ending 6/14/09
    30-year fixed                  5.58%                5.72%         -2.4%
    15-year fixed                  5.01%                5.18%         -3.3%
    5-1 ARM                        4.73%                4.73%          0.0%


 

On Monday, rates for 30-year fixed purchase mortgages dropped further, with the average rate on Zillow Mortgage Marketplace at 5.49 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

 

Thirty-year fixed mortgage rates varied by state. Pennsylvania mortgage rates and New York mortgage rates decreased the most, from 5.74 percent to 5.56 percent in Pennsylvania and from 5.79 percent to 5.62 percent in New York. Wisconsin mortgage rates and Massachusetts mortgage rates were the highest, each at 5.68 percent. Florida mortgage rates were the lowest, at 5.50 percent. California mortgage rates were the most requested among all states.

                      Average 30-yr.         Average 30-yr.
                        Fixed Rate            Fixed Rate
    State          Week ending 6/21/09    Week ending 6/14/09  % Change
    Arizona                 5.58%                  5.74%        -2.8%
    California              5.57%                  5.70%        -2.3%
    Colorado                5.55%                  5.71%        -2.8%
    Connecticut             5.59%                  5.73%        -2.4%
    Florida                 5.50%                  5.66%        -2.8%
    Georgia                 5.52%                  5.67%        -2.6%
    Illinois                5.64%                  5.79%        -2.6%
    Maryland                5.61%                  5.75%        -2.4%
    Massachusetts           5.68%                  5.78%        -1.7%
    Michigan                5.57%                  5.69%        -2.1%
    Minnesota               5.61%                  5.77%        -2.8%
    New Jersey              5.59%                  5.72%        -2.3%
    New York                5.62%                  5.79%        -2.9%
    North Carolina          5.60%                  5.72%        -2.1%
    Oregon                  5.58%                  5.70%        -2.1%
    Pennsylvania            5.56%                  5.74%        -3.1%
    Texas                   5.55%                  5.68%        -2.3%
    Virginia                5.57%                  5.71%        -2.5%
    Washington              5.53%                  5.69%        -2.8%
    Wisconsin               5.68%                  5.84%        -2.7%


 

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/