Press releases
Thirty-Year Fixed Mortgage Rates Continue to Decline; Most State Rates Now Below 5.00%
National Rate Rises Monday, According to Zillow® Mortgage Rate Monitor
Oct 27, 2009
SEATTLE, Oct. 27 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased ten basis points last week to 4.87 percent, down from 4.97 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 six basis point to 4.32 percent from 4.38 percent, and 5-1 adjustable rate mortgages fell seven basis points to 3.80 percent, from 3.87 percent the week prior.
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The volume of mortgage requests last week fell 9.6 percent from the prior week. Of last week's requests, 45 percent were for refinance loans, 53 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 47 percent of requests were for refinance loans, 51 percent were for purchase loans and 2 percent were for home equity loans.
Average Rate Average Rate Change in
Mortgage Type Week ending 10/25/09 Week ending 10/18/09 Basis Points
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30-year fixed 4.87% 4.97% -10
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15-year fixed 4.32% 4.38% -6
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5-1 ARM 3.80% 3.87% -7
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On Monday, rates for 30-year fixed purchase mortgages rose, with the average rate on Zillow Mortgage Marketplace at 4.92 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.
Thirty-year fixed mortgage rates varied by state. Missouri mortgage rates, and Illinois mortgage rates decreased the most, from 5.17 percent to 4.93 percent in Missouri and from 5.13 percent to 4.91 percent in Illinois. New York mortgage rates (5.03%) and Connecticut mortgage rates (4.96%) were the highest in the country, while Oregon mortgage rates (4.83%), Washington mortgage rates (4.84%), California mortgage rates (4.84%) and Texas mortgage rates (4.84%) were the lowest.
Average 30-yr. Average 30-yr.
Fixed Rate Fixed Rate
Week ending Week ending Change in
State 10/25/09 10/18/09 Basis Points
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Arizona 4.93% 5.06% -13
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California 4.84% 4.91% -7
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Colorado 4.85% 4.94% -9
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Connecticut 4.96% 5.05% -9
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Florida 4.86% 4.98% -12
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Georgia 4.93% 4.98% -5
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Illinois 4.91% 5.13% -22
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Maryland 4.92% 5.02% -10
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Massachusetts 4.87% 5.01% -14
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Michigan 4.86% 5.01% -15
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Missouri 4.93% 5.17% -24
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New Jersey 4.95% 5.01% -6
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New York 5.03% 5.15% -12
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North Carolina 4.93% 5.00% -7
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Oregon 4.83% 4.95% -12
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Pennsylvania 4.93% 5.06% -13
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Tennessee 4.94% 5.04% -10
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Texas 4.84% 4.92% -8
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Virginia 4.87% 4.92% -5
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Washington 4.84% 4.94% -10
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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.
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SOURCE: Zillow.com
Web site: http://www.zillow.com/