RISMEDIA, August 26, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.19%, down from 5.30% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages fell to 4.59% from 4.63%, and 5-1 adjustable rate mortgages fell to 4.17%, down from 4.22% the week prior.
Average Rate Average Rate
Mortgage Type Week ending 8/23/09 Week ending 8/16/09 % Change
30-year fixed 5.19% 5.30% -1.9%
15-year fixed 4.59% 4.63% -0.8%
5-1 ARM 4.17% 4.22% -1.2%
Rates for 30-year fixed purchase mortgages remained steady, with the average rate on Zillow Mortgage Marketplace at 5.18%. Thirty-year fixed mortgage rates varied by state. Georgia mortgage rates, Illinois mortgage rates and Massachusetts mortgage rates decreased the most, from 5.27% to 5.12% in Georgia, from 5.44% to 5.30% in Illinois and from 5.38% to 5.23% in Massachusetts. New York mortgage rates (5.31%) and Maryland mortgage rates (5.33%) were the highest in the country, while Georgia mortgage rates (5.12%) and Colorado mortgage rates (5.15%) were the lowest. California mortgage rates were the most requested among all states.
For more information, visit www.zillow.com.