RISMEDIA, January 18, 2010—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased six basis points last week to 4.99%, down from 5.05% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages fell seven basis points to 4.41% from 4.48%, and 5-1 adjustable rate mortgages fell nine basis points to 4.06%, from 4.15 percent the week prior.
The volume of mortgage requests last week rose 18% from the prior week. Of last week’s requests, 31% were for refinance loans, 66% were for purchase loans and 2% were for home equity loans. The prior week, 32% of requests were for refinance loans, 65% were for purchase loans and 2% were for home equity loans.
Rates for 30-year fixed purchase mortgages had fallen slightly, with the average rate on Zillow Mortgage Marketplace at 4.97%. Thirty-year fixed mortgage rates varied by state. New York mortgage rates and Connecticut mortgage rates decreased the most, from 5.26% to 5.11% in New York and from 5.19% to 5.08% in Connecticut. South Carolina mortgage rates (5.13%) and New York mortgage rates (5.11%) were the highest in the country, while Colorado mortgage rates (4.92%) and Texas mortgage rates (4.93%) were the lowest. California mortgage rates were the most requested among all states.
For more information, visit www.Zillow.com.
