RISMEDIA, May 28, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased last week to 5.02%, up from 5.00% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate Web site Zillow.com. Meanwhile, rates for 15-year fixed mortgages also dropped to 4.60% from 4.63%, and 5-1 adjustable rate mortgages rose to 4.27% from 4.21%.
Mortgage Type Average Rate Average Rate % Change
Week ending 5/24/09 Week ending 5/17/09
30-year fixed 5.02% 5.00% 0.4%
15-year fixed 4.60% 4.63% -0.6%
5-1 ARM 4.27% 4.21% 1.4%
Rates for 30-year fixed purchase mortgages fell below 5.00%, with the average rate on Zillow Mortgage Marketplace at 4.99%.
Thirty-year fixed mortgage rates varied by state. Connecticut mortgage rates and Michigan mortgage rates decreased the most, down from 5.04% to 4.99% and from 5.06% to 5.01%, respectively. Georgia mortgage rates (4.93%) and Virginia mortgage rates (4.96%) were the lowest in the country, while Massachusetts mortgage rates (5.11%) were the highest. California mortgage rates were the most requested among all states.
State Average 30-yr. Average 30-yr. % Change
Fixed Rate Fixed Rate
Week ending 5/24/09 Week ending 5/17/09
Arizona 5.04% 5.02% 0.4%
California 5.00% 4.96% 0.8%
Colorado 5.02% 4.99% 0.6%
Connecticut 4.99% 5.04% -1.0%
Florida 4.97% 4.94% 0.6%
Georgia 4.93% 4.91% 0.4%
Illinois 5.08% 5.07% 0.2%
Maryland 5.09% 5.06% 0.6%
Massachusetts 5.11% 5.07% 0.8%
Michigan 5.01% 5.06% -1.0%
Minnesota 5.02% 5.03% -0.2%
New Jersey 5.02% 5.02% 0.0%
New York 5.05% 5.05% 0.0%
North Carolina 5.07% 5.07% 0.0%
Oregon 5.03% 5.02% 0.2%
Pennsylvania 4.99% 5.00% -0.2%
Texas 5.02% 5.02% 0.0%
Virginia 4.96% 4.95% 0.2%
Washington 4.98% 4.95% 0.6%
Wisconsin 5.08% 4.95% -0.2%
For more information, visit www.zillow.com.
