RISMEDIA, December 30, 2009—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased sixteen basis points last week to 4.93%, up from 4.77% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate website Zillow.com. Rates for 15-year fixed mortgages rose thirteen basis points to 4.37% from 4.24%, and 5-1 adjustable rate mortgages increased thirteen basis points to 3.98%, from 3.85% the week prior.
The volume of mortgage requests last week fell 26% from the prior week. Of last week’s requests, 35% were for refinance loans, 63% were for purchase loans and 2% were for home equity loans. The prior week, 43% of requests were for refinance loans, 55% were for purchase loans and 2% were for home equity loans.
Rates for 30-year fixed purchase mortgages were even higher, with the average rate on Zillow Mortgage Marketplace at 5.06%. Thirty-year fixed mortgage rates varied by state. Georgia mortgage rates, Maryland mortgage rates, North Carolina mortgage rates, Texas mortgage rates and Virginia mortgage rates increased the most, from 4.81% to 5.01% in Georgia, from 4.85% to 5.04% in Maryland, from 4.84% to 5.03% in North Carolina, from 4.74% to 4.93% in Texas and from 4.82% to 5.01% in Virginia. New York mortgage rates (5.12%) and Illinois mortgage rates (5.10%) were the highest in the country, while Colorado mortgage rates (4.86%) and California mortgage rates (4.88%) were the lowest. California mortgage rates were the most requested among all states.
For more information, visit www.zillow.com.
