Mortgage Rates Rise for Third Consecutive Week

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RISMEDIA, June 17, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased last week to 5.72%, up from 5.48% 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 5.18% from 4.95%, and 5-1 adjustable rate mortgages rose to 4.73% from 4.62% the week prior.

                               Average Rate                       Average Rate
Mortgage Type      Week ending 6/14/09        Week ending 6/7/09         % Change

30-year fixed          5.72%                                   5.48%                                   4.4%
15-year fixed          5.18%                                   4.95%                                   4.6%
5-1 ARM                 4.73%                                   4.62%                                   2.4%

On Monday, rates for 30-year fixed purchase mortgages dropped, with the average rate on Zillow Mortgage Marketplace at 5.54%.

Thirty-year fixed mortgage rates varied by state. Pennsylvania mortgage rates, New Jersey mortgage rates, and Arizona mortgage rates increased the most, from 5.45% to 5.74% in Pennsylvania, from 5.45% to 5.72% in New Jersey, and from 5.47% to 5.74% in Arizona. New York mortgage rates and Illinois mortgage rates were the highest, each at 5.79%. Florida mortgage rates were the lowest, at 5.66%. California mortgage rates were the most requested among all states.

                                    Average 30-yr.                 Average 30-yr.
                                    Fixed Rate                         Fixed Rate
State                            Week ending 6/14/09     Week ending 6/7/09        % Change

Arizona                        5.74%                                 5.47%                                  4.9%
California                     5.70%                                 5.45%                                  4.6%
Colorado                      5.71%                                 5.48%                                  4.2%
Connecticut                 5.73%                                  5.50%                                  4.2%
Florida                         5.66%                                  5.44%                                  4.0%
Georgia                        5.67%                                  5.48%                                  3.5%
Illinois                          5.79%                                  5.53%                                  4.7%
Maryland                      5.75%                                  5.52%                                  4.2%
Massachusetts             5.78%                                  5.55%                                  4.1%
Michigan                      5.69%                                  5.48%                                  3.8%
Minnesota                    5.77%                                  5.51%                                  4.7%
Missouri                       5.74%                                  5.53%                                  3.8%
New Jersey                   5.72%                                  5.45%                                  5.0%
New York                     5.79%                                  5.56%                                  4.1%
North Carolina             5.72%                                  5.52%                                  3.6%
Oregon                         5.70%                                  5.50%                                  3.6%
Pennsylvania                5.74%                                   5.45%                                  5.3%
Texas                           5.68%                                  5.45%                                   4.2%
Virginia                        5.71%                                   5.48%                                  4.2%
Washington                  5.69%                                   5.45%                                  4.4%

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 http://www.zillow.com/mortgage/.

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

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