RISMEDIA, November 4, 2009—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased one basis point last week to 4.86%, down from 4.87% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages fell one basis point to 4.31% from 4.32%, and 5-1 adjustable rate mortgages fell one basis point to 3.79%, from 3.80% the week prior.
The volume of mortgage requests last week fell 9.5% from the prior week. Of last week’s requests, 43% were for refinance loans, 54% were for purchase loans and 2% were for home equity loans. The prior week, 45% of requests were for refinance loans, 53% were for purchase loans and 2% were for home equity loans.
Average Rate Average Rate Change in
Mortgage Type Week ending 11/1/09 Week ending 10/25/09 Basis Points
30-year fixed 4.86% 4.87% -1
15-year fixed 4.31% 4.32% -1
5-1 ARM 3.79% 3.80% -1
Rates for 30-year fixed purchase mortgages fell, with the average rate on Zillow Mortgage Marketplace at 4.79%. Thirty-year fixed mortgage rates varied by state. Texas mortgage rates and Connecticut mortgage rates decreased the most, from 4.84% to 4.81% in Texas and from 4.96% to 4.94% in Connecticut. New York mortgage rates (5.03%) and New Jersey mortgage rates (5.06%) were the highest in the country, while Texas mortgage rates (4.81%), and California mortgage rates (4.83%) were the lowest.
For more information, visit www.Zillow.com.
Copyright© 2013 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com