RISMEDIA, October 7, 2009—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 4.96%, down from 5.02% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages fell to 4.39% from 4.42%, and 5-1 adjustable rate mortgages fell to 3.85%, down from 3.94% the week prior.
The volume of mortgage requests increased significantly last week from 10,963 to 13,081. Of this week’s requests, 50.2% were for refinance loans, 47.7% were for purchase loans and 2.1% were for home equity loans. Last week, 43.7% of requests were for refinance loans, 54.1% were for purchase loans and 2.2% were for home equity loans.
Average Rate Average Rate
Mortgage Type Week ending 10/4/09 Week ending 9/27/09 % Change
30-year fixed 4.96% 5.02% -1.2%
15-year fixed 4.39% 4.42% -0.7%
5-1 ARM 3.85% 3.94% -2.3%
Rates for 30-year fixed purchase mortgages decreased further, with the average rate on Zillow Mortgage Marketplace at 4.94%. Thirty-year fixed mortgage rates varied by state. Oregon mortgage rates and Ohio mortgage rates decreased the most, from 5.10% to 4.97% in Oregon and from 5.13% to 5.03% in Ohio. Illinois mortgage rates (5.16%), Maryland mortgage rates (5.10%) and New York mortgage rates (5.10%) were the highest in the country, while Texas mortgage rates (4.88%) and California mortgage rates (4.89%) were the lowest.
For more information, visit www.Zillow.com.
