Tuesday, May 5, 2009

30-Year Mortgage Rates Continue to Fall Across the Board

/PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgages remained relatively steady last week. Last week's rate was 5.05 percent, down slightly from 5.07 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 fell to 4.70 percent, down from 4.72 percent and 5-1 adjustable rate mortgages decreased significantly, down to 4.30 percent from 4.38 percent the week prior.

Mortgage Type Average Rate Average Rate
Week ending 5/3/09 Week ending 4/26/09 % Change
30-year fixed 5.05% 5.07% -0.4%
15-year fixed 4.70% 4.72% -0.4%
5-1 ARM 4.30% 4.38% -1.8%

Rates for 30-year fixed purchase mortgages remained flat on Monday, with the average rate on Zillow Mortgage Marketplace at 5.05 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

Thirty-year fixed mortgage rates varied by state. Oregon mortgage rates, Florida mortgage rates, Colorado mortgage rates, New Jersey mortgage rates and Washington mortgage rates decreased the most, down from 5.11 percent to 5.04 percent in Oregon, from 5.01 percent to 4.98 percent in Florida, from 5.07 percent to 5.04 percent in Colorado, from 5.09 percent to 5.06 percent in New Jersey and from 5.05 percent to 5.02 percent in Washington. Florida mortgage rates (4.98%) and Georgia mortgage rates (4.99%) were the lowest in the country, while Ohio mortgage rates (5.16%) were the highest. California mortgage rates were the most requested among all states.

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.

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