30-Year Fixed Mortgage Rates Stay Relatively Steady

RISMEDIA, November 4, 2009—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased one basis point last week to 4.86%, down from 4.87% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages fell one basis point to 4.31% from 4.32%, and 5-1 adjustable rate mortgages fell one basis point to 3.79%, from 3.80% the week prior. 

The volume of mortgage requests last week fell 9.5% from the prior week. Of last week’s requests, 43% were for refinance loans, 54% were for purchase loans and 2% were for home equity loans. The prior week, 45% of requests were for refinance loans, 53% were for purchase loans and 2% were for home equity loans. 

                                            Average Rate                    Average Rate                  Change in
Mortgage Type                  Week ending 11/1/09      Week ending 10/25/09     Basis Points
30-year fixed                        4.86%                                   4.87%                                 -1
15-year fixed                       4.31%                                    4.32%                                 -1
5-1 ARM                              3.79%                                    3.80%                                 -1

Rates for 30-year fixed purchase mortgages fell, with the average rate on Zillow Mortgage Marketplace at 4.79%. Thirty-year fixed mortgage rates varied by state. Texas mortgage rates and Connecticut mortgage rates decreased the most, from 4.84% to 4.81% in Texas and from 4.96% to 4.94% in Connecticut. New York mortgage rates (5.03%) and New Jersey mortgage rates (5.06%) were the highest in the country, while Texas mortgage rates (4.81%), and California mortgage rates (4.83%) were the lowest. 

For more information, visit www.Zillow.com.