National Thirty-Year Fixed Mortgage Rate Rises for Fourth Consecutive Week Following Two Months of Rate Declines

National Rate Falls Back to 5.0% Monday, According to Zillow(R) Mortgage Rate Monitor

Jan 05, 2010, 07:00 ET from Zillow.com

 

 

 

 

SEATTLE, Jan. 5 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased twelve basis points last week to 5.05 percent, up from 4.93 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Rates for 15-year fixed mortgages rose eleven basis points to 4.48 percent from 4.37 percent, and 5-1 adjustable rate mortgages increased seventeen basis points to 4.15 percent, from 3.98 percent the week prior.

 

Although rates were higher, the volume of mortgage requests last week rose 49 percent from the prior week, when requests were down significantly due to the Christmas holiday. Of last week's requests, 32 percent were for refinance loans, 65 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 35 percent of requests were for refinance loans, 63 percent were for purchase loans and 2 percent were for home equity loans.

 




    Mortgage Type   Average Rate         Average Rate        Change in
    -------------   ------------         ------------        ---------
                  Week ending 1/3/10  Week ending 12/27/09  Basis Points
                  ------------------  --------------------  ------------
    30-year fixed               5.05%                 4.93%           +12
    -------------               ----                  ----            ---
    15-year fixed               4.48%                 4.37%           +11
    -------------               ----                  ----            ---
    5-1 ARM                     4.15%                 3.98%           +17
    -------                     ----                  ----            ---


 

 

On Monday, rates for 30-year fixed purchase mortgages had fallen slightly, with the average rate on Zillow Mortgage Marketplace at 5.00 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

 

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 percent to 5.04 percent in Minnesota, from 5.12 percent to 5.26 percent in New York and from 4.99 percent to 5.13 percent 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.

 




                   Average 30-yr. Fixed   Average 30-yr. Fixed
    State                   Rate                  Rate            Change in
    -----          --------------------   --------------------    ---------
                      Week ending 1/3/10   Week ending 12/27/09  Basis Points
                      ------------------   --------------------  ------------
    Arizona                         5.15%                  5.08%            +7
    -------                         ----                   ----            ---
    California                      4.99%                  4.88%           +11
    ----------                      ----                   ----            ---
    Colorado                        4.99%                  4.86%           +13
    --------                        ----                   ----            ---
    Connecticut                     5.19%                  5.06%           +13
    -----------                     ----                   ----            ---
    Florida                         5.02%                  4.90%           +12
    -------                         ----                   ----            ---
    Georgia                         5.11%                  5.01%           +10
    -------                         ----                   ----            ---
    Illinois                        5.15%                  5.10%            +5
    --------                        ----                   ----            ---
    Maryland                        5.11%                  5.04%            +7
    --------                        ----                   ----            ---
    Massachusetts                   5.11%                  4.99%           +12
    -------------                   ----                   ----            ---
    Minnesota                       5.04%                  4.89%           +15
    ---------                       ----                   ----            ---
    New Jersey                      5.11%                  4.98%           +13
    ----------                      ----                   ----            ---
    New York                        5.26%                  5.12%           +14
    --------                        ----                   ----            ---
    North Carolina                  5.15%                  5.03%           +12
    --------------                  ----                   ----            ---
    Oregon                          5.00%                  4.89%           +11
    ------                          ----                   ----            ---
    Pennsylvania                    5.13%                  4.99%           +14
    ------------                    ----                   ----            ---
    Tennessee                       5.06%                  4.94%           +12
    ---------                       ----                   ----            ---
    Texas                           5.03%                  4.93%           +10
    -----                           ----                   ----            ---
    Utah                            5.03%                  4.91%           +12
    ----                            ----                   ----            ---
    Virginia                        5.13%                  5.01%           +12
    --------                        ----                   ----            ---
    Washington                      5.06%                  4.93%           +13
    ----------                      ----                   ----            ---


 

 

 

The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates for conforming loans 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. Learn more about our rates.

 

About Zillow Mortgage Marketplace

Zillow Mortgage Marketplace is a free, open, and transparent lending marketplace, where borrowers connect with lenders to find loans and get the best mortgage rates. Borrowers anonymously submit loan requests and receive an unlimited number of custom mortgage quotes with real rates directly from thousands of competing lenders. Zillow Mortgage Marketplace also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories.

Zillow.com and Zillow are registered trademarks of Zillow, Inc.

 

 

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