RISMEDIA, July 29, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased slightly last week to 5.29%, up from 5.31% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Meanwhile, rates for 15-year fixed mortgages fell to 4.66% from 4.69%, and 5-1 adjustable rate mortgages also fell to 4.23%, down from 4.31% the week prior.
Average Rate Average Rate
Mortgage Type Week ending 7/26/09 Week ending 7/19/09 % Change
30-year fixed 5.29% 5.31% -0.4%
15-year fixed 4.66% 4.69% -0.6%
5-1 ARM 4.23% 4.31% -1.9%
Thirty-year fixed mortgage rates varied by state. Colorado mortgage rates, Michigan mortgage rates, Virginia mortgage rates and Washington mortgage rates decreased the most, from 5.30% to 5.24% in Colorado, from 5.33% to 5.27% in Michigan, from 5.31% to 5.25% in Virginia and from 5.31% to 5.25% in Washington. Ohio mortgage rates (5.41%) and Illinois mortgage rates (5.40%) were the highest in the country, while Colorado mortgage rates (5.24%) Georgia mortgage rates (5.24%) and Texas mortgage rates (5.24%) were the lowest. California mortgage rates were the most requested among all states.
For more information, visit www.zillow.com.