October 21, 2009
The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased two basis points last week to 4.97%, up from 4.95% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages rose one basis point to 4.38% from 4.37%, and 5-1 adjustable rate mortgages rose four basis points to 3.87%, up from 3.83% the week prior.
The volume of mortgage requests last week fell 9.9% from the prior week. Of last week’s requests, 47.1% were for refinance loans, 50.8% were for purchase loans and 2.1% were for home equity loans. The prior week, 52.4% of requests were for refinance loans, 45.6% were for purchase loans and 2% were for home equity loans.
Mortgage Type Average Rate Week Average Rate Week Change in
ending 10/18/09 ending 10/11/09 Basis Points
30-year fixed 4.97% 4.95% 2
15-year fixed 4.38% 4.37% 1
5-1 ARM 3.87% 3.83% 4
Rates for 30-year fixed purchase mortgages dropped significantly, with the average rate on Zillow Mortgage Marketplace at 4.83%. Thirty-year fixed mortgage rates varied by state. Ohio mortgage rates, Connecticut mortgage rates, and Georgia mortgage rates increased the most, from 5.06% to 5.16% in Ohio, from 4.98% to 5.05% in Connecticut, and from 4.91% to 4.98% in Georgia. Ohio mortgage rates (5.16%) and New York mortgage rates (5.15%) were the highest in the country, while California mortgage rates (4.91%), Virginia mortgage rates (4.92%) and Texas mortgage rates (4.92%) were the lowest.