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30-Year Mortgage Rates Remain Low for Second Week

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RISMEDIA, April 1, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year mortgages remained relatively steady for the second consecutive week at 5.09%, up slightly from 5.06% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Meanwhile, rates for 15-year fixed mortgages increased to 4.80%, up from 4.73% and 5-1 adjustable rate mortgages dropped, down to 4.66% from 4.69% the week prior.

Mortgage Type Average Rate Average Rate % Change
Week ending 3/29/09 Week ending 3/22/09

30-year fixed 5.09% 5.06% 0.6%
15-year fixed 4.80% 4.73% 1.5%
5-1 ARM 4.66% 4.69% -0.6%

Rates for 30-year fixed purchase mortgages had decreased slightly, with the average rate on Zillow Mortgage Marketplace at 4.99%.

Thirty-year fixed mortgage rates varied by state. Georgia mortgage rates, New Jersey mortgage rates and Pennsylvania mortgage rates increased the most, increasing from 4.92% to 4.99% in Georgia, from 5.05% to 5.12% in New Jersey and from 5.02% to 5.09% in Pennsylvania. Georgia mortgage rates (4.99%) and Texas mortgage rates (5.05%) were the lowest in the country while Ohio mortgage rates (5.24%) were the highest. California mortgage rates were the most requested among all states.

State Average 30-yr. Fixed Average 30-yr. Fixed % Change
Rate Week ending Rate Week ending
3/29/09 3/22/09

Arizona 5.08% 5.06% 0.4%
California 5.06% 5.02% 0.8%
Colorado 5.09% 5.05% 0.8%
Connecticut 5.10% 5.06% 0.8%
Florida 5.06% 5.04% 0.4%
Georgia 4.99% 4.92% 1.4%
Illinois 5.16% 5.12% 0.8%
Maryland 5.14% 5.11% 0.6%
Massachusetts 5.08% 5.07% 0.2%
Michigan 5.09% 5.09% 0.0%
Minnesota 5.08% 5.02% 1.2%
New Jersey 5.12% 5.05% 1.4%
New York 5.15% 5.11% 0.8%
North Carolina 5.10% 5.09% 0.2%
Ohio 5.24% 5.20% 0.8%
Oregon 5.12% 5.10% 0.4%
Pennsylvania 5.09% 5.02% 1.4%
Texas 5.05% 5.02% 0.6%
Virginia 5.09% 5.07% 0.4%
Washington 5.11% 5.06% 1.0%

For more information, visit http://www.zillow.com/.

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