Mortgage Rates Rise for Second Straight Week

RISMEDIA, June 10, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages (www.zillow.com) increased last week to 5.48%, up from 5.25% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate website Zillow.com(R). Meanwhile, rates for 15-year fixed mortgages rose to 4.95% from 4.78%, and 5-1 adjustable rate mortgages rose to 4.62% from 4.48% the week prior.

Mortgage Type Average Rate Average Rate
Week ending 6/7/09 Week ending 5/31/09 % Change
30-year fixed 5.48% 5.25% 4.4%
15-year fixed 4.95% 4.78% 3.6%
5-1 ARM 4.62% 4.48% 3.1%

On Monday, rates for 30-year fixed purchase mortgages rose further, with the average rate on Zillow Mortgage Marketplace at 5.62%. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

Thirty-year fixed mortgage rates varied by state. Georgia mortgage rates and Missouri mortgage rates increased the most, from 5.15% to 5.48% in Georgia and from 5.25% to 5.53% in Missouri. New York mortgage rates and Massachusetts mortgage rates were the highest, at 5.56% and 5.55%, respectively. Florida mortgage rates were the lowest, at 5.44%. California mortgage rates were the most requested among all states.

State Average 30-yr . Average 30-yr.
Fixed Rate Fixed Rate
Week ending 6/7/09 Week ending 5/31/09 % Change

Arizona 5.47% 5.25% 4.2%

California 5.45% 5.24% 4.0%

Colorado 5.48% 5.23% 4.8%

Connecticut 5.50% 5.26% 4.6%

Florida 5.44% 5.19% 4.8%

Georgia 5.48% 5.15% 6.4%

Illinois 5.53% 5.28% 4.7%

Maryland 5.52% 5.35% 3.2%

Massachusetts 5.55% 5.30% 4.7%

Michigan 5.48% 5.21% 5.2%

Minnesota 5.51% 5.28% 4.4%

Missouri 5.53% 5.25% 5.3%

New Jersey 5.45% 5.24% 4.0%

New York 5.56% 5.29% 5.1%

North Carolina 5.52% 5.27% 4.7%

Oregon 5.50% 5.27% 4.4%

Pennsylvania 5.45% 5.26% 3.6%

Texas 5.45% 5.25% 3.8%

Virginia 5.48% 5.23% 4.8%

Washington 5.45% 5.24% 4.0%

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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