SEATTLE, Oct. 20 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased two basis points last week to 4.97 percent, up from 4.95 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 rose one basis point to 4.38 percent from 4.37 percent, and 5-1 adjustable rate mortgages rose four basis points to 3.87 percent, up from 3.83 the week prior.

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The volume of mortgage requests last week fell 9.9 percent from the prior week. Of last week's requests, 47.1 percent were for refinance loans, 50.8 percent were for purchase loans and 2.1 percent were for home equity loans. The prior week, 52.4 percent of requests were for refinance loans, 45.6 percent were for purchase loans and 2 percent were for home equity loans.

    Mortgage Type       Average Rate Week   Average Rate Week   Change in
                         ending 10/18/09     ending 10/11/09   Basis Points
    30-year fixed             4.97%               4.95%             2
    15-year fixed             4.38%               4.37%             1
    5-1 ARM                   3.87%               3.83%             4

On Monday, rates for 30-year fixed purchase mortgages dropped significantly, with the average rate on Zillow Mortgage Marketplace at 4.83 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

Thirty-year fixed mortgage rates varied by state. Ohio mortgage rates, Connecticut mortgage rates, and Georgia mortgage rates increased the most, from 5.06 percent to 5.16 percent in Ohio, from 4.98 percent to 5.05 percent in Connecticut, and from 4.91 percent to 4.98 percent in Georgia. Ohio mortgage rates (5.16%) and New York mortgage rates (5.15%) were the highest in the country, while California mortgage rates (4.91%), Virginia mortgage rates (4.92%) and Texas mortgage rates (4.92%) were the lowest.

      State                 Average 30-yr.     Average 30-yr.     Change in
                           Fixed Rate Week    Fixed Rate Week    Basis Points
                           ending 10/18/09    ending 10/11/09

    Arizona                    5.06%               5.01%              5
    California                 4.91%               4.88%              3
    Colorado                   4.94%               4.90%              4
    Connecticut                5.05%               4.98%              7
    Florida                    4.98%               4.98%              0
    Georgia                    4.98%               4.91%              7
    Illinois                   5.13%               5.10%              3
    Maryland                   5.02%               5.03%             -1
    Massachusetts              5.01%               4.99%              2
    Michigan                   5.01%               5.02%             -1
    Minnesota                  5.09%               5.05%              4
    New Jersey                 5.01%               4.99%              2
    New York                   5.15%               5.15%              0
    North Carolina             5.00%               4.94%              6
    Ohio                       5.16%               5.06%             10
    Oregon                     4.95%               4.95%              0
    Pennsylvania               5.06%               5.03%              3
    Texas                      4.92%               4.91%              1
    Virginia                   4.92%               4.90%              2
    Washington                 4.94%               4.90%              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/