National 30-year Fixed Mortgage Rate Nears 5.00%

RISMEDIA, October 2, 2009—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased slightly from last week to 5.02%, down from 5.04% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages fell to 4.42% from 4.45%, and 5-1 adjustable rate mortgages fell to 3.94%, down from 4.00% the week prior.

The volume of mortgage requests fell very slightly last week from 10,996 to 10,963. Of this week’s requests, 43.7% were for refinance loans, 54.1% were for purchase loans and 2.2% were for home equity loans. Last week, 44.3% of requests were for refinance loans, 53.5% were for purchase loans and 2.2% were for home equity loans.

Average Rate Average Rate
Mortgage Type Week ending 9/27/09 Week ending 9/20/09 % Change
30-year fixed 5.02% 5.04% -0.4%
15-year fixed 4.42% 4.45% -0.7%
5-1 ARM 3.94% 4.00% -1.5%

Rates for 30-year fixed purchase mortgages decreased further, with the average rate on Zillow Mortgage Marketplace at 4.94%. Thirty-year fixed mortgage rates varied by state. Georgia mortgage rates, New Jersey mortgage rates, New York mortgage rates and Washington mortgage rates decreased the most, from 5.00% to 4.96% in Georgia, from 5.10% to 5.06% in New Jersey, from 5.15% to 5.11% in New York and from 5.03% to 4.99% in Washington. Illinois mortgage rates (5.20%), Ohio mortgage rates (5.13%) and Wisconsin mortgage rates (5.13%) were the highest in the country, while Texas mortgage rates (4.95%) and Georgia mortgage rates (4.96%) were the lowest. California mortgage rates were the most requested among all states.

For more information, visit www.zillow.com.

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