January 20, 2010
The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased five basis points last week to 4.94%, down from 4.99% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate website Zillow.com. Rates for 15-year fixed mortgages fell eight basis points to 4.33% from 4.41%, and 5-1 adjustable rate mortgages fell thirteen basis points to 3.93% from 4.06% the week prior.
The volume of mortgage requests did not change significantly from the prior week. Of last week’s requests, 32% were for refinance loans, 66% were for purchase loans and 2% were for home equity loans. The prior week, 31% of requests were for refinance loans, 66% were for purchase loans and 2% were for home equity loans.
Rates for 30-year fixed purchase mortgages had fallen further, with the average rate on Zillow Mortgage Marketplace at 4.86%. Thirty-year fixed mortgage rates varied by state. Texas mortgage rates and Virginia mortgage rates decreased the most, from 4.93% to 4.82% in Texas and from 5.06% to 4.95% in Virginia. Illinois mortgage rates (5.07%), Arizona mortgage rates (5.05%) and New York mortgage rates (5.05%) were the highest in the country, while Texas mortgage rates (4.82%) and Utah mortgage rates (4.88%) were the lowest. California mortgage rates were the most requested among all states.