RISMEDIA, April 22, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgages fell during the past week. Last week’s rate was 5.06%, down from 5.10% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com®. Meanwhile, rates for 15-year fixed mortgages decreased to 4.68%, down from 4.73% and 5-1 adjustable rate mortgages decreased substantially, down to 4.47% from 4.65% the week prior.
Mortgage Type Average Rate Average Rate
Week ending 4/19/09 Week ending 4/12/09 % Change
30-year fixed 5.06 5.10 -0.9%
15-year fixed 4.68 4.73 -1.0%
5-1 ARM 4.47 4.65 -3.8%
Rates for 30-year fixed purchase mortgages fell even further on Monday, with the average rate on Zillow Mortgage Marketplace at 4.99%.
Thirty-year fixed mortgage rates varied by state. Maryland mortgage rates and New Jersey mortgage rates decreased the most, down from 5.17% to 5.10% in Maryland, and from 5.12% to 5.05% in New Jersey. Georgia mortgage rates (4.99%) and Florida mortgage rates (4.99%) were the lowest in the country, while Ohio mortgage rates (5.17%) were the highest. California mortgage rates were the most requested among all states.
State Average 30-yr. Average 30-yr.
Fixed Rate Fixed Rate
Week ending 4/19/09 Week ending 4/12/09 % Change
Arizona 5.05 5.09 -0.8%
California 5.06 5.10 -0.8%
Colorado 5.05 5.06 -0.2%
Connecticut 5.05 5.10 -1.1%
Florida 4.99 5.06 -1.3%
Georgia 4.99 5.00 -0.2%
Illinois 5.09 5.14 -1.0%
Maryland 5.10 5.17 -1.4%
Massachusetts 5.08 5.15 -1.2%
Michigan 5.07 5.10 -0.7%
New Jersey 5.05 5.12 -1.4%
New York 5.08 5.14 -1.1%
North Carolina 5.08 5.11 -0.5%
Ohio 5.17 5.22 -1.0%
Oregon 5.11 5.11 0.1%
Pennsylvania 5.03 5.09 -1.2%
Texas 5.02 5.05 -0.5%
Virginia 5.06 5.11 -1.1%
Washington 5.04 5.08 -0.7%
Wisconsin 5.13 5.17 -0.7%
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.
For more information, visit www.zillow.com.
