RISMEDIA, November 25, 2009—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased six basis points last week to 4.69%, down from 4.75% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages fell two basis points to 4.23% from 4.25%, and 5-1 adjustable rate mortgages increased one basis point to 3.69%, from 3.68%.
The volume of mortgage requests last week fell 4.4% from the prior week. Of last week’s requests, 49% were for refinance loans, 49% were for purchase loans and 2% were for home equity loans. The prior week, 47% of requests were for refinance loans, 51% were for purchase loans and 2% were for home equity loans.
Rates for 30-year fixed purchase mortgages fell, with the average rate on Zillow Mortgage Marketplace at 4.64%. Thirty-year fixed mortgage rates varied by state. Minnesota mortgage rates, Arizona mortgage rates, Michigan mortgage rates and Georgia mortgage rates decreased the most, from 4.76% to 4.64% in Minnesota, from 4.85% to 4.75% in Arizona, from 4.81% to 4.71% in Michigan and from 4.83% to 4.73% in Georgia. New York mortgage rates (4.83%) and Tennessee mortgage rates (4.80%) were the highest in the country, while Texas mortgage rates (4.62%) and Minnesota mortgage rates (4.64%) were the lowest.
For more information, visit www.Zillow.com.
