RISMEDIA, October 21, 2009—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased two basis points last week to 4.97%, up from 4.95% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages rose one basis point to 4.38% from 4.37%, and 5-1 adjustable rate mortgages rose four basis points to 3.87%, up from 3.83% the week prior.Â
The volume of mortgage requests last week fell 9.9% from the prior week. Of last week’s requests, 47.1% were for refinance loans, 50.8% were for purchase loans and 2.1% were for home equity loans. The prior week, 52.4% of requests were for refinance loans, 45.6% were for purchase loans and 2% were for home equity loans.Â
Mortgage Type       Average Rate Week       Average Rate Week        Change in
                      ending 10/18/09         ending 10/11/09          Basis Points
30-year fixed              4.97%                    4.95%                 2
15-year fixed              4.38%                     4.37%                 1
5-1 ARM Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3.87% Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3.83% Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4Â
Rates for 30-year fixed purchase mortgages dropped significantly, with the average rate on Zillow Mortgage Marketplace at 4.83%. Thirty-year fixed mortgage rates varied by state. Ohio mortgage rates, Connecticut mortgage rates, and Georgia mortgage rates increased the most, from 5.06% to 5.16% in Ohio, from 4.98% to 5.05% in Connecticut, and from 4.91% to 4.98% in Georgia. Ohio mortgage rates (5.16%) and New York mortgage rates (5.15%) were the highest in the country, while California mortgage rates (4.91%), Virginia mortgage rates (4.92%) and Texas mortgage rates (4.92%) were the lowest.Â
For more information, visit www.Zillow.com.Â
