Mortgage Rates Decline; Current 30-Year Fixed Rate at Lowest Level This Year


February 18, 2010

The thirty-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.79%, down two basis points from 4.81% at this time last week, and at the lowest level since mid-December of last year. The 30-year fixed mortgage rate hovered below 4.85% for most of the last week, but peaked near 4.90%.

Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the site, and reflect the most recent changes in the market. These are not marketing rates or a weekly survey.

The rate for 15-year fixed home loans is currently 4.22%, while the rate for 5-1 adjustable rate mortgages is 3.61%.

The volume of mortgage requests in the past week fell 6.7% from the prior week. Of last week’s requests, 31.9% were for refinance loans, 66.3% were for purchase loans and 1.8% were for home equity loans. The prior week, 34.6% of requests were for refinance loans, 63.3% were for purchase loans and 2.1% were for home equity loans.