RISMEDIA, January 14, 2009- Thirty-year mortgage rates fell last week to 4.92% and the low rates that have persisted for the last month attracted thousands of homeowners hoping to refinance to Zillow Mortgage Marketplace in December and early January.
Requests to refinance normally make up about one-third of all loan requests on Zillow Mortgage Marketplace, but in December they made up 67%. So far in January, they have made up 62%. The total number of requests also increased more than 150% from November to December.
The weekly average rates for 30-year fixed mortgages decreased to 4.92% last week, down from 5.10% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate website Zillow.com(R). Meanwhile, rates for 15-year fixed mortgages decreased to 4.58%, down from 4.79% and 5-1 adjustable rate mortgages decreased to 5.35% from 5.62%.
Mortgage Type Average Rate Average Rate % Change
Week ending 1/11/09 Week ending 1/4/09
30-year fixed 4.92% 5.10% -3.6%
15-year fixed 4.58% 4.79% -4.5%
5-1 ARM 5.35% 5.62% -4.8%
Rates for 30-year fixed mortgages fell far below 5.00% again on Monday evening, with the average rate on Zillow Mortgage Marketplace at 4.86%.
At a state level, the 30-year fixed mortgage rate in Maryland and Virginia had the biggest decreases, dropping from 5.26% to 4.97% and 5.21% to 4.93%, respectively. Rates on 30-year fixed mortgages were lowest in the states of Arizona (4.80%) and Texas (4.84%), while Maryland (4.97%) and Michigan (5.05%) had the highest rates.
State Average 30-yr. Fixed Average 30-yr. Fixed % Change
Rate Rate
Week ending 1/11/09 Week ending 1/4/09
Arizona 4.80% 4.97% -3.4%
California 4.92% 5.10% -3.5%
Colorado 4.95% 5.16% -4.0%
Connecticut 4.96% 5.06% -1.9%
Florida 4.85% 5.02% -3.4%
Georgia 4.81% 4.99% -3.6%
Illinois 4.97% 5.20% -4.3%
Maryland 4.97% 5.26% -5.5%
Massachusetts 4.93% 5.13% -3.8%
Michigan 5.05% 5.13% -2.2%
Minnesota 4.97% 5.16% -3.7%
Missouri 4.94% 5.14% -3.8%
New Jersey 4.88% 5.07% -3.7%
New York 4.95% 5.14% -3.8%
North Carolina 4.92% 5.09% -3.3%
Oregon 4.85% 5.03% -3.6%
Pennsylvania 4.85% 5.02% -3.5%
Texas 4.84% 5.06% -4.2%
Virginia 4.93% 5.21% -5.5%
Washington 4.90% 5.05% -3.0%
According to the company, 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.
Zillow Mortgage Marketplace is an open and transparent lending marketplace, providing borrowers an anonymous and hassle-free way to receive an unlimited number of customized mortgage quotes directly from confirmed lenders.
For more information, visit www.zillow.com.
