Mortgage Rates Rise for Second Straight Week

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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.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Last week’s mortgage headlines:

Mortgage Rates Move Higher


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