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30-Year Fixed Mortgage Rates Increase Slightly during First Week of May

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RISMEDIA, May 13, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year mortgages increased slightly last week. Last week’s rate was 5.07%, up slightly from 5.05% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com®. Meanwhile, rates for 15-year fixed mortgages were unchanged from the week prior at 4.70%, and 5-1 adjustable rate mortgages decreased, down to 4.27% from 4.30% the week prior.

Average Rate Average Rate
Mortgage Type Week ending 5/10/09 Week ending 5/3/09 % Change

30-year fixed 5.07% 5.05% 0.4%
15-year fixed 4.70% 4.70% -0.4%
5-1 ARM 4.27% 4.30% -0.7%

Rates for 30-year fixed purchase mortgages fell below 5.00%, with the average rate on Zillow Mortgage Marketplace at 4.98%. Thirty-year fixed mortgage rates varied by state. Oregon mortgage rates and Virginia mortgage rates increased the most, up from 5.04% to 5.10% and from 5.01% to 5.07%, respectively. Florida mortgage rates (5.01%) and Georgia mortgage rates (5.01%) were the lowest in the country, while Ohio mortgage rates (5.16%) were the highest. California mortgage rates were the most requested among all states.

Average 30-yr. Average 30-yr.
Fixed Rate Fixed Rate
State Week ending 5/10/09 Week ending 5/3/09 % Change

Arizona 5.06% 5.04% 0.4%
California 5.07% 5.06% 0.2%
Colorado 5.07% 5.04% 0.6%
Connecticut 5.04% 5.05% -0.2%
Florida 5.01% 4.98% 0.6%
Georgia 5.01% 4.99% 0.4%
Illinois 5.12% 5.10% 0.4%
Maryland 5.10% 5.11% -0.2%
Massachusetts 5.13% 5.09% 0.8%
Michigan 5.07% 5.08% -0.2%
Missouri 5.07% 5.05% 0.4%
New Jersey 5.04% 5.06% -0.4%
New York 5.06% 5.08% -0.4%
North Carolina 5.08% 5.09% -0.2%
Ohio 5.16% 5.16% 0.0%
Oregon 5.10% 5.04% 1.2%
Pennsylvania 5.06% 5.07% -0.2%
Texas 5.09% 5.04% 1.0%
Virginia 5.07% 5.01% 1.2%
Washington 5.06% 5.02% 0.8%

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

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