RISMEDIA, January 6, 2010—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased 12 basis points last week to 5.05%, up from 4.93% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages rose eleven basis points to 4.48% from 4.37%, and 5-1 adjustable rate mortgages increased seventeen basis points to 4.15%, from 3.98% the week prior.
Although rates were higher, the volume of mortgage requests last week rose 49% from the prior week, when requests were down significantly due to the Christmas holiday. Of last week’s requests, 32% were for refinance loans, 65% were for purchase loans and 2% were for home equity loans. The prior week, 35% of requests were for refinance loans, 63% were for purchase loans and 2% were for home equity loans.
Rates for 30-year fixed purchase mortgages had fallen slightly, with the average rate on Zillow Mortgage Marketplace at 5.00%. Thirty-year fixed mortgage rates varied by state. Minnesota mortgage rates, New York mortgage rates, and Pennsylvania mortgage rates increased the most, from 4.89% to 5.04% in Minnesota, from 5.12% to 5.26% in New York and from 4.99% to 5.13% in Pennsylvania. New York mortgage rates (5.26%) and Connecticut mortgage rates (5.19%) were the highest in the country, while Colorado mortgage rates (4.99%) and California mortgage rates (4.99%) were the lowest. California mortgage rates were the most requested among all states.
For more information, visit www.Zillow.com.