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National 30-year Fixed Rate Drops Slightly; Some States See Increases

Posted on: Tuesday, 28 July 2009, 07:00 CDT

SEATTLE, July 28 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased slightly last week to 5.29 percent, up from 5.31 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com(R). Meanwhile, rates for 15-year fixed mortgages fell to 4.66 percent from 4.69 percent, and 5-1 adjustable rate mortgages also fell to 4.23 percent, down from 4.31 the week prior.

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Average Rate Average Rate Mortgage Type Week ending 7/26/09 Week ending 7/19/09 % Change ------------- -------------------- ---------------------- -------- 30-year fixed 5.29% 5.31% -0.4% ------------- ---- ---- ---- 15-year fixed 4.66% 4.69% -0.6% ------------- ---- ---- ---- 5-1 ARM 4.23% 4.31% -1.9% ------- ---- ---- ----

On Monday, the rate for 30-year fixed purchase mortgages on Zillow Mortgage Marketplace remained at 5.29 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

Thirty-year fixed mortgage rates varied by state. Colorado mortgage rates, Michigan mortgage rates, Virginia mortgage rates and Washington mortgage rates decreased the most, from 5.30 percent to 5.24 percent in Colorado, from 5.33 percent to 5.27 percent in Michigan, from 5.31 percent to 5.25 percent in Virginia and from 5.31 percent to 5.25 percent in Washington. Ohio mortgage rates (5.41%) and Illinois mortgage rates (5.40%) were the highest in the country, while Colorado mortgage rates (5.24%) Georgia mortgage rates (5.24%) and Texas mortgage rates (5.24%) were the lowest. California mortgage rates were the most requested among all states.

Average 30-yr. Average 30-yr. Fixed Rate Fixed Rate State Week ending 7/26/09 Week ending 7/19/09 % Change ----- ---------------------- ----------------------- -------- Arizona 5.27% 5.31% -0.8% ------- ---- ---- ---- California 5.25% 5.27% -0.4% ---------- ---- ---- ---- Colorado 5.24% 5.30% -1.1% -------- ---- ---- ---- Connecticut 5.32% 5.35% -0.6% ----------- ---- ---- ---- Florida 5.26% 5.26% 0.0% ------- ---- ---- --- Georgia 5.24% 5.22% 0.4% ------- ---- ---- --- Illinois 5.40% 5.41% -0.2% -------- ---- ---- ---- Maryland 5.37% 5.40% -0.6% -------- ---- ---- ---- Massachusetts 5.38% 5.39% -0.2% ------------- ---- ---- ---- Michigan 5.27% 5.33% -1.1% -------- ---- ---- ---- Missouri 5.32% 5.32% 0.0% -------- ---- ---- --- New Jersey 5.32% 5.32% 0.0% ---------- ---- ---- --- New York 5.36% 5.36% 0.0% -------- ---- ---- --- North Carolina 5.34% 5.32% 0.4% -------------- ---- ---- --- Ohio 5.41% 5.37% 0.7% ---- ---- ---- --- Oregon 5.28% 5.33% -0.9% ------ ---- ---- ---- Pennsylvania 5.30% 5.30% 0.0% ------------ ---- ---- --- Texas 5.24% 5.28% -0.8% ----- ---- ---- ---- Virginia 5.25% 5.31% -1.1% -------- ---- ---- ---- Washington 5.25% 5.31% -1.1% ---------- ---- ---- ----

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.

About Zillow Mortgage Marketplace

Zillow Mortgage Marketplace is a free, open, and transparent lending marketplace, where borrowers connect with lenders to find loans and get the best mortgage rates. Borrowers anonymously submit loan requests and receive an unlimited number of custom mortgage quotes with real rates directly from thousands of competing lenders. Zillow Mortgage Marketplace also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories.

Zillow.com and Zillow are registered trademarks of Zillow, Inc.

SOURCE Zillow Mortgage Marketplace

Source: PR Newswire

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