30-Year Mortgages Stay Low and Stable

RISMEDIA, April 8, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgages remained stable for the third consecutive week at 5.08%, down slightly from 5.09% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Meanwhile, rates for 15-year fixed mortgages decreased to 4.77%, down from 4.80% and 5-1 adjustable rate mortgages rose, up to 4.71% from 4.66% the week prior.

Mortgage Type Average Rate Average Rate
Week ending 4/05/09 Week ending 3/29/09 % Change
30-year fixed 5.08% 5.09% -0.2%
15-year fixed 4.77% 4.80% -0.6%
5-1 ARM 4.71% 4.66% 1.1%

Rates for 30-year fixed purchase mortgages had remained flat, with the average rate on Zillow Mortgage Marketplace at 5.08%.

Thirty-year fixed mortgage rates varied by state. Illinois mortgage rates, Ohio mortgage rates and Pennsylvania mortgage rates decreased the most, increasing from 5.16% to 5.12% in Illinois, from 5.24% to 5.20% in Ohio and from 5.09% to 5.05% in Pennsylvania. Georgia mortgage rates (4.96 %) and Texas mortgage rates (5.02%) were the lowest in the country while Ohio mortgage rates (5.20%) were the highest. California mortgage rates were the most requested among all states.

State Average 30-yr. Fixed Average 30-yr. Fixed
Rate Rate
Week ending 4/05/09 Week ending 3/29/09 % Change
Arizona 5.07% 5.08% -0.2%
California 5.07% 5.06% 0.2%
Colorado 5.06% 5.09% -0.6%
Connecticut 5.09% 5.10% -0.2%
Florida 5.04% 5.06% -0.4%
Georgia 4.96% 4.99% -0.6%
Illinois 5.12% 5.16% -0.8%
Maryland 5.16% 5.14% 0.4%
Massachusetts 5.10% 5.08% 0.4%
Michigan 5.09% 5.09% 0.0%
Minnesota 5.06% 5.08% -0.4%
New Jersey 5.08% 5.12% -0.8%
New York 5.14% 5.15% -0.2%
North Carolina 5.09% 5.10% -0.2%
Ohio 5.20% 5.24% -0.8%
Oregon 5.10% 5.12% -0.4%
Pennsylvania 5.05% 5.09% -0.8%
Texas 5.02% 5.05% -0.6%
Virginia 5.09% 5.09% 0.0%
Washington 5.10% 5.11% -0.2%