RISMEDIA, January 22, 2009-The weekly average rate borrowers were quoted on Zillow for thirty-year mortgages rose slightly last week to 4.96 percent, up from 4.92 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com(R). Meanwhile, rates for 15-year fixed mortgages increased to 4.72 percent, up from 4.58 percent and 5-1 adjustable rate mortgages decreased to 5.22 percent from 5.35 percent.
Rates for 30-year fixed purchase mortgages rose slightly on Monday evening, with the average rate on Zillow Mortgage Marketplace at 5.01 percent.
At a state level, the 30-year fixed mortgage rate in Michigan was the only rate decrease recorded, dropping from 5.05 percent to 5.00 percent. Rates on 30-year fixed mortgages were lowest in the states of Oregon (4.87%) and Florida (4.88%), while Colorado (5.06%) and Tennessee (5.06%) had the highest rates.
The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates quoted on Zillow Mortgage Marketplace by mortgage lenders to borrowers who have submitted loan requests. State-level data is gathered for the top 20 states with the highest quote volume on Zillow.
Zillow Mortgage Marketplace is an open and transparent lending marketplace, providing borrowers an anonymous and hassle-free way to receive an unlimited number of customized mortgage quotes directly from confirmed lenders.
For more information, visit http://www.zillow.com/