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30-Year Mortgage Rates Remain Low

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RISMEDIA, April 29, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgages remained relatively steady last week. Last week’s rate was 5.07%, 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 rose to 4.72%, up from 4.68% and 5-1 adjustable rate mortgages decreased substantially, down to 4.38% from 4.47% the week prior.

Mortgage Type Average Rate Average Rate % Change
Week ending Week ending
4/26/09 4/19/09

30-year fixed 5.07% 5.06% 0.2%
15-year fixed 4.72% 4.68% 0.7%
5-1 ARM 4.38% 4.47% -2.2%

Rates for 30-year fixed purchase mortgages fell even further, with the average rate on Zillow Mortgage Marketplace at 4.97%.

Thirty-year fixed mortgage rates varied by state. New Jersey mortgage rates and Pennsylvania mortgage rates increased the most, up from 5.05% to 5.09% in New Jersey, and from 5.03% to 5.07% in Pennsylvania. Georgia mortgage rates (4.99%) and Florida mortgage rates (5.01%) were the lowest in the country, while Ohio mortgage rates (5.17%) 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 Rate Week
ending 4/26/09 ending 4/19/09
Arizona 5.05% 5.05% 0.0%
California 5.07% 5.06% 0.2%
Colorado 5.07% 5.05% 0.4%
Connecticut 5.05% 5.05% 0.0%
Florida 5.01% 4.99% 0.3%
Georgia 4.99% 4.99% 0.0%
Illinois 5.12% 5.09% 0.5%
Maryland 5.09% 5.10% -0.2%
Massachusetts 5.10% 5.08% 0.3%
Michigan 5.08% 5.07% 0.3%
New Jersey 5.09% 5.05% 0.8%
New York 5.10% 5.08% 0.3%
North Carolina 5.10% 5.08% 0.3%
Ohio 5.17% 5.17% 0.1%
Oregon 5.11% 5.11% -0.1%
Pennsylvania 5.07% 5.03% 0.8%
Texas 5.03% 5.02% 0.3%
Virginia 5.02% 5.06% -0.7%
Washington 5.05% 5.04% 0.1%
Wisconsin 5.16% 5.13% 0.5%

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

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