Mortgage Rates Drop for Second Straight Week

RISMEDIA, July 1, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.48%, down from 5.58% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com®. Meanwhile, rates for 15-year fixed mortgages fell to 4.87% from 5.01%, and 5-1 adjustable rate mortgages also fell to 4.65%, down from 4.73 the week prior.

Mortgage Type Average Rate Average Rate
Week ending 6/29/09 Week ending 6/21/09 % Change
30-year fixed 5.48% 5.58% -1.8%
15-year fixed 4.87% 5.01% -2.8%
5-1 ARM 4.65% 4.73% -1.7%

On Monday, rates for 30-year fixed purchase mortgages dropped further, with the average rate on Zillow Mortgage Marketplace at 5.34%.

Thirty-year fixed mortgage rates varied by state. Missouri mortgage rates, Virginia mortgage rates and California mortgage rates decreased the most, from 5.61% to 5.48% in Missouri, from 5.57 to 5.45 in Virginia and from 5.57% to 5.45% in California. Illinois mortgage rates and Massachusetts mortgage rates were the highest, each at 5.57%. Georgia mortgage rates were the lowest, at 5.42%.

State Average 30-yr. Average 30-yr.
Fixed Rate Fixed Rate
Week ending 6/29/09 Week ending 6/21/09 % Change
Arizona 5.48% 5.58% -1.8%
California 5.45% 5.57% -2.2%
Colorado 5.45% 5.55% -1.8%
Connecticut 5.47% 5.59% -2.1%
Florida 5.44% 5.50% -1.1%
Georgia 5.42% 5.52% -1.8%
Illinois 5.57% 5.64% -1.2%
Maryland 5.52% 5.61% -1.6%
Massachusetts 5.57% 5.68% -1.9%
Michigan 5.50% 5.57% -1.3%
Missouri 5.48% 5.61% -2.3%
New Jersey 5.49% 5.59% -1.8%
New York 5.54% 5.62% -1.4%
North Carolina 5.50% 5.60% -1.8%
Ohio 5.56% 5.64% -1.4%
Oregon 5.50% 5.58% -1.4%
Pennsylvania 5.47% 5.56% -1.6%
Texas 5.45% 5.55% -1.8%
Virginia 5.45% 5.57% -2.2%
Washington 5.46% 5.53% -1.3%
The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates for conforming loans 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.