RISMEDIA, February 4, 2009-The weekly average rate borrowers were quoted on Zillow for thirty-year mortgages rose again last week to 5.25%, up from 5.12% 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 increased to 4.96%, up from 4.92% and 5-1 adjustable rate mortgages increased to 5.37% from 5.27%.
Average Rate Average Rate
Week ending Week ending
Mortgage Type 2/01/09 1/25/09 % Change
30-year fixed 5.25% 5.12% 2.5%
15-year fixed 4.96% 4.92% 0.8%
5-1 ARM 5.37% 5.27% 1.9%
Rates for 30-year fixed purchase mortgages had risen even more by Monday evening, with the average rate on Zillow Mortgage Marketplace at 5.17%.
At a state level, the 30-year fixed mortgage rate in California had the biggest increase, rising from 5.07% to 5.27%, while rates in Michigan bucked the national trend by decreasing from 5.34% to 5.21%. Rates on 30-year fixed mortgages were lowest in the states of Georgia (5.11%) and Washington (5.15%), while Massachusetts (5.40%) and Illinois (5.35%) had the highest rates.
Average 30-yr. Average 30-yr.
Fixed Rate Fixed Rate % Change
State Week ending 2/01/09 Week ending 1/25/09
Arizona 5.27% 5.08% 3.7%
California 5.27% 5.07% 4.0%
Colorado 5.25% 5.20% 1.1%
Connecticut 5.32% 5.17% 3.0%
Florida 5.18% 5.03% 3.0%
Georgia 5.11% 5.03% 1.6%
Illinois 5.35% 5.27% 1.6%
Maryland 5.25% 5.28% -0.6%
Massachusetts 5.40% 5.29% 2.0%
Michigan 5.21% 5.34% -2.4%
Minnesota 5.23% 5.05% 1.5%
New Jersey 5.19% 5.05% 2.7%
New York 5.31% 5.12% 3.7%
North Carolina 5.23% 5.11% 2.3%
Ohio 5.27% 5.28% -0.2%
Oregon 5.21% 5.05% 3.3%
Pennsylvania 5.16% 5.05% 2.1%
Texas 5.26% 5.20% 1.2%
Virginia 5.26% 5.22% 0.7%
Washington 5.15% 5.08% 1.4%
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.
For more information, visit www.zillow.com.
