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National 30-year Fixed Mortgage Rate Drops For Second Week

Rates continue to fall on Monday, According to Zillow® Mortgage Rate Monitor

Aug 4, 2009

 

 

 

SEATTLE, Aug. 4 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased slightly last week to 5.26 percent, down from 5.29 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 4.62 percent from 4.66 percent, and 5-1 adjustable rate mortgages also fell to 4.21 percent, down from 4.23 the week prior.

 

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                       Average Rate            Average Rate
    Mortgage Type    Week ending 8/2/09    Week ending 7/26/09    % Change
    30-year fixed          5.26%                 5.29%              -0.6%
    15-year fixed          4.62%                 4.66%              -0.9%
    5-1 ARM                4.21%                 4.23%              -0.5%

 

On Monday, rates for 30-year fixed purchase mortgages decreased further, with the average rate on Zillow Mortgage Marketplace at 5.18 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

 

Thirty-year fixed mortgage rates varied by state. Massachusetts mortgage rates, and Maryland mortgage rates decreased the most, from 5.38 percent to 5.31 percent in Massachusetts and from 5.37 percent to 5.31 percent in Maryland. Illinois mortgage rates (5.39%) and Minnesota mortgage rates (5.38%) were the highest in the country, while Colorado mortgage rates and California mortgage rates were the lowest, each at 5.22 percent.

 

                      Average 30-yr.       Average 30-yr.
                       Fixed Rate            Fixed Rate
    State          Week ending 8/2/09    Week ending 7/26/09    % Change
    Arizona              5.30%                 5.27%               0.6%
    California           5.22%                 5.25%              -0.6%
    Colorado             5.22%                 5.24%              -0.4%
    Connecticut          5.29%                 5.32%              -0.6%
    Florida              5.23%                 5.26%              -0.6%
    Georgia              5.24%                 5.24%               0.0%
    Illinois             5.39%                 5.40%              -0.2%
    Maryland             5.31%                 5.37%              -1.1%
    Massachusetts        5.31%                 5.38%              -1.3%
    Michigan             5.29%                 5.27%               0.4%
    Minnesota            5.38%                 5.40%              -0.4%
    Missouri             5.32%                 5.32%               0.0%
    New Jersey           5.31%                 5.32%              -0.2%
    New York             5.32%                 5.36%              -0.7%
    North Carolina       5.33%                 5.34%              -0.2%
    Oregon               5.24%                 5.28%              -0.8%
    Pennsylvania         5.25%                 5.30%              -0.9%
    Texas                5.24%                 5.24%               0.0%
    Virginia             5.28%                 5.25%               0.6%
    Washington           5.23%                 5.25%              -0.4%

 

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.

 

 

 

SOURCE Zillow.com

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SOURCE: Zillow.com

Web site: http://www.zillow.com/