SEATTLE, Nov. 24 /PRNewswire/ — The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased six basis points last week to 4.69 percent, down from 4.75 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Rates for 15-year fixed mortgages fell two basis points to 4.23 percent from 4.25 percent, and 5-1 adjustable rate mortgages increased one basis point to 3.69 percent, from 3.68 percent the week prior.
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The volume of mortgage requests last week fell 4.4 percent from the prior week. Of last week’s requests, 49 percent were for refinance loans, 49 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 47 percent of requests were for refinance loans, 51 percent were for purchase loans and 2 percent were for home equity loans.
Average Rate Average Rate Change in
Mortgage Type Week ending 11/22/09 Week ending 11/15/09 Basis Points
------------- -------------------- -------------------- ------------
30-year fixed 4.69% 4.75% -6
15-year fixed 4.23% 4.25% -2
5-1 ARM 3.69% 3.68% +1
On Monday, rates for 30-year fixed purchase mortgages fell, with the average rate on Zillow Mortgage Marketplace at 4.64 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.
Thirty-year fixed mortgage rates varied by state. Minnesota mortgage rates, Arizona mortgage rates, Michigan mortgage rates and Georgia mortgage rates decreased the most, from 4.76 percent to 4.64 percent in Minnesota, from 4.85 percent to 4.75 percent in Arizona, from 4.81 percent to 4.71 percent in Michigan and from 4.83 percent to 4.73 percent in Georgia. New York mortgage rates (4.83%) and Tennessee mortgage rates (4.80%) were the highest in the country, while Texas mortgage rates (4.62%), and Minnesota mortgage rates (4.64%) were the lowest.
Average 30-yr. Average 30-yr.
Fixed Rate Fixed Rate
Week ending Week ending Change in
State 11/22/09 11/15/09 Basis Points
----- -------------- -------------- ------------
Arizona 4.75% 4.85% -10
California 4.68% 4.72% -4
Colorado 4.65% 4.71% -6
Connecticut 4.74% 4.81% -7
Florida 4.67% 4.75% -8
Georgia 4.73% 4.83% -10
Illinois 4.79% 4.88% -7
Maryland 4.74% 4.82% -8
Massachusetts 4.73% 4.78% -5
Michigan 4.71% 4.81% -10
Minnesota 4.64% 4.76% -12
New Jersey 4.70% 4.78% -8
New York 4.83% 4.91% -8
North Carolina 4.72% 4.81% -9
Oregon 4.69% 4.74% -5
Pennsylvania 4.74% 4.81% -7
Tennessee 4.80% 4.83% -3
Texas 4.62% 4.69% -7
Virginia 4.67% 4.76% -9
Washington 4.66% 4.73% -7
The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates for conforming loans 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. Learn more about our rates.
