Mortgage Rates Decline; Current 30-Year Fixed Rate is 4.84%

RISMEDIA

February 25, 2010

The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.84%, up five basis points from 4.79% compared to this same time last week.

The 30-year fixed mortgage peaked over the weekend at 4.95%–the highest rates have been in thirty days.

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 4.32%, while the rate for 5-1 adjustable-rate mortgages (ARM) is 3.67%.

The volume of mortgage requests in the past week rose 9.5% from the prior week. Of last week’s requests, 30.2% were for refinance loans, 67.7% were for purchase loans and 2.1% were for home equity loans. The prior week, 30.8% of requests were for refinance loans, 67.1% were for purchase loans and 2.0% were for home equity loans.