RISMEDIA, December 10, 2009—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased five basis points last week to 4.67%, up from 4.62% 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 4.20% from 4.19%, while 5-1 adjustable rate mortgages remained flat at 3.74%.
The volume of mortgage requests last week rose 10% from the prior week. Of last week’s requests, 51% were for refinance loans, 48% were for purchase loans and 2% were for home equity loans. The prior week, 49% of requests were for refinance loans, 49% were for purchase loans and 2% were for home equity loans.
Rates for 30-year fixed purchase mortgages were higher, with the average rate on Zillow Mortgage Marketplace at 4.74%. Thirty-year fixed mortgage rates varied by state. Ohio mortgage rates and Michigan mortgage rates increased the most, from 4.63% to 4.78% in Ohio and from 4.6% to 4.72% in Michigan. New York mortgage rates (4.81%) and Illinois mortgage rates (4.81%) were the highest in the country, while Texas mortgage rates (4.58%), Colorado mortgage rates (4.63%) and Minnesota mortgage rates (4.63%) were the lowest. California mortgage rates were the most requested among all states.
For more information, visit www.zillow.com.