Press releases
National 30-year Fixed Mortgage Rate Falls Below 5.00%; Half of Borrowers Request Refinance Loans
National Rate Declines Further Monday, According to Zillow® Mortgage Rate Monitor
Oct 6, 2009
SEATTLE, Oct. 6 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 4.96 percent, down from 5.02 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 fell to 4.39 percent from 4.42 percent, and 5-1 adjustable rate mortgages fell to 3.85 percent, down from 3.94 the week prior.
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The volume of mortgage requests increased significantly last week from 10,963 to 13,081. Of this week's requests, 50.2 percent were for refinance loans, 47.7 percent were for purchase loans and 2.1 percent were for home equity loans. Last week, 43.7 percent of requests were for refinance loans, 54.1 percent were for purchase loans and 2.2 percent were for home equity loans.
Average Rate Average Rate
Mortgage Type Week ending 10/4/09 Week ending 9/27/09 % Change
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30-year fixed 4.96% 5.02% -1.2%
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15-year fixed 4.39% 4.42% -0.7%
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5-1 ARM 3.85% 3.94% -2.3%
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On Monday, rates for 30-year fixed purchase mortgages decreased further, with the average rate on Zillow Mortgage Marketplace at 4.94 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.
Thirty-year fixed mortgage rates varied by state. Oregon mortgage rates and Ohio mortgage rates decreased the most, from 5.10 percent to 4.97 percent in Oregon and from 5.13 percent to 5.03 percent in Ohio. Illinois mortgage rates (5.16%), Maryland mortgage rates (5.10%) and New York mortgage rates (5.10%) were the highest in the country, while Texas mortgage rates (4.88%) and California mortgage rates (4.89%) were the lowest.
Average 30-yr. Fixed Rate Average 30-yr. Fixed Rate
State Week ending 10/4/09 Week ending 9/27/09 % Change
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Arizona 5.04% 5.07% -0.6%
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California 4.89% 4.97% -1.6%
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Colorado 4.93% 4.98% -1.0%
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Connecticut 4.98% 5.04% -1.2%
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Florida 4.96% 5.01% -1.0%
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Georgia 4.90% 4.96% -1.2%
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Illinois 5.16% 5.20% -0.8%
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Maryland 5.10% 5.06% 0.8%
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Massachusetts 5.02% 5.10% -1.6%
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Michigan 5.02% 5.07% -1.0%
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Minnesota 5.08% 5.12% -0.8%
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New Jersey 4.97% 5.06% -1.8%
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New York 5.10% 5.11% -0.2%
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North Carolina 4.99% 5.04% -1.0%
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Ohio 5.03% 5.13% -1.9%
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Oregon 4.97% 5.10% -2.5%
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Pennsylvania 5.02% 5.04% -0.4%
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Texas 4.88% 4.95% -1.4%
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Virginia 4.92% 4.98% -1.2%
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Washington 4.93% 4.99% -1.2%
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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.
SOURCE Zillow.com
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SOURCE: Zillow.com
Web site: http://www.zillow.com/