RISMEDIA, December 17, 2009—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased five points last week to 4.72%, up from 4.67% 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 4.21% from 4.20% and 5-1 adjustable rate mortgages increased seven basis points to 3.81%, from 3.74% the week prior.
The volume of mortgage requests last week fell 14% from the prior week. Of last week’s requests, 46% were for refinance loans, 53% were for purchase loans and 2% were for home equity loans. The prior week, 51% of requests were for refinance loans, 47% were for purchase loans and 2% were for home equity loans.
Rates for 30-year fixed purchase mortgages were even higher, with the average rate on Zillow Mortgage Marketplace at 4.76%. Thirty-year fixed mortgage rates varied by state. Connecticut mortgage rates, New York mortgage rates, North Carolina mortgage rates, and Pennsylvania mortgage rates increased the most, from 4.68% to 4.80% in Connecticut, from 4.81% to 4.91% in New York, from 4.68% to 4.78% in North Carolina and from 4.71% to 4.81% in Pennsylvania. New York mortgage rates (4.91%) and Illinois mortgage rates (4.90%) were the highest in the country, while Texas mortgage rates (4.64%) and Colorado mortgage rates (4.68%) were the lowest. California mortgage rates were the most requested among all states.
For more information, visit www.zillow.com.