RISMEDIA, June 17, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased last week to 5.72%, up from 5.48% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Meanwhile, rates for 15-year fixed mortgages rose to 5.18% from 4.95%, and 5-1 adjustable rate mortgages rose to 4.73% from 4.62% the week prior.
Average Rate Average Rate
Mortgage Type Week ending 6/14/09 Week ending 6/7/09 % Change
30-year fixed 5.72% 5.48% 4.4%
15-year fixed 5.18% 4.95% 4.6%
5-1 ARM 4.73% 4.62% 2.4%
On Monday, rates for 30-year fixed purchase mortgages dropped, with the average rate on Zillow Mortgage Marketplace at 5.54%.
Thirty-year fixed mortgage rates varied by state. Pennsylvania mortgage rates, New Jersey mortgage rates, and Arizona mortgage rates increased the most, from 5.45% to 5.74% in Pennsylvania, from 5.45% to 5.72% in New Jersey, and from 5.47% to 5.74% in Arizona. New York mortgage rates and Illinois mortgage rates were the highest, each at 5.79%. Florida mortgage rates were the lowest, at 5.66%. California mortgage rates were the most requested among all states.
Average 30-yr. Average 30-yr.
Fixed Rate Fixed Rate
State Week ending 6/14/09 Week ending 6/7/09 % Change
Arizona 5.74% 5.47% 4.9%
California 5.70% 5.45% 4.6%
Colorado 5.71% 5.48% 4.2%
Connecticut 5.73% 5.50% 4.2%
Florida 5.66% 5.44% 4.0%
Georgia 5.67% 5.48% 3.5%
Illinois 5.79% 5.53% 4.7%
Maryland 5.75% 5.52% 4.2%
Massachusetts 5.78% 5.55% 4.1%
Michigan 5.69% 5.48% 3.8%
Minnesota 5.77% 5.51% 4.7%
Missouri 5.74% 5.53% 3.8%
New Jersey 5.72% 5.45% 5.0%
New York 5.79% 5.56% 4.1%
North Carolina 5.72% 5.52% 3.6%
Oregon 5.70% 5.50% 3.6%
Pennsylvania 5.74% 5.45% 5.3%
Texas 5.68% 5.45% 4.2%
Virginia 5.71% 5.48% 4.2%
Washington 5.69% 5.45% 4.4%
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 http://www.zillow.com/mortgage/.
