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Mortgage Rates Surge Late Last Week; 30-Year Fixed Rates Peak Near 5.40% But Fall Over Weekend

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RISMEDIA, June 3, 2009-The weekly average mortgage rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased last week to 5.25%, up from 5.02% 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 rose to 4.78% from 4.60%, and 5-1 adjustable rate mortgages rose to 4.48% from 4.27% the week prior.

Mortgage Type Average Rate Average Rate % Change
Week ending 5/31/09 Week ending 5/24/09

30-year fixed 5.25% 5.02% 4.6%
15-year fixed 4.78% 4.60% 3.7%
5-1 ARM 4.48% 4.27% 4.8%

Rates dipped slightly over the weekend, but were expected to climb again during the week. The rate for a 30-year fixed purchase mortgage was 5.28% on Monday morning.

Thirty-year fixed mortgage rates varied by state. Maryland mortgage rates and Massachusetts mortgage rates were the highest, at 5.35% and 5.30%, respectively. Georgia mortgage rates were the lowest, at 5.15%. California mortgage rates were the most requested among all states.

State Average 30-yr. Average 30-yr. % Change
Fixed Rate Fixed Rate
Week ending 5/31/09 Week ending 5/24/09

Arizona 5.25% 5.04% 4.1%
California 5.24% 5.00% 4.7%
Colorado 5.23% 5.02% 4.1%
Connecticut 5.26% 4.99% 5.4%
Florida 5.19% 4.97% 4.4%
Georgia 5.15% 4.93% 4.5%
Illinois 5.28% 5.08% 4.0%
Maryland 5.35% 5.09% 5.1%
Massachusetts 5.30% 5.11% 3.7%
Michigan 5.21% 5.01% 3.9%
Missouri 5.25% 5.06% 3.8%
New Jersey 5.24% 5.02% 4.4%
New York 5.29% 5.05% 4.7%
North Carolina 5.27% 5.07% 3.9%
Ohio 5.28% 5.11% 3.3%
Oregon 5.27% 5.03% 4.9%
Pennsylvania 5.26% 4.99% 5.3%
Texas 5.25% 5.02% 4.5%
Virginia 5.23% 4.96% 5.5%
Washington 5.24% 4.98% 5.2%

The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates 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.

For more information, visit www.Zillow.com.

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