RISMEDIA, October 30, 2009—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased ten basis points last week to 4.87%, down from 4.97% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website ZIllow.com. Rates for 15-year fixed mortgages fell six basis point to 4.32% from 4.38%, and 5-1 adjustable rate mortgages fell seven basis points to 3.80%, from 3.87% the week prior.Â
The volume of mortgage requests last week fell 9.6% from the prior week. Of last week’s requests, 45% were for refinance loans, 53% were for purchase loans and 2% were for home equity loans. The prior week, 47% of requests were for refinance loans, 51% were for purchase loans and 2% were for home equity loans.Â
                        Average Rate            Average Rate           Change in
Mortgage Type      Week ending 10/25/09   Week ending 10/18/09    Basis Points
30-year fixed            4.87%                    4.97%                 -10
15-year fixed             4.32%                    4.38%                  -6
5-1 ARM Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3.80% Â Â 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 -7Â
Rates for 30-year fixed purchase mortgages rose, with the average rate on Zillow Mortgage Marketplace at 4.92%. Thirty-year fixed mortgage rates varied by state. Missouri mortgage rates, and Illinois mortgage rates decreased the most, from 5.17% to 4.93% in Missouri and from 5.13% to 4.91% in Illinois. New York mortgage rates (5.03%) and Connecticut mortgage rates (4.96%) were the highest in the country, while Oregon mortgage rates (4.83%), Washington mortgage rates (4.84%), California mortgage rates (4.84%) and Texas mortgage rates (4.84%) were the lowest.Â
For more information, visit www.Zillow.com.Â
