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 Rates Fall Below 5.00% on Monday, According to Zillow® Mortgage Rate Monitor

SEATTLE, April 28  -- 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 5.07 percent, up slightly from 5.06 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Meanwhile, rates for 15-year fixed mortgages rose to 4.72 percent, up from 4.68 percent and 5-1 adjustable rate mortgages decreased substantially, down to 4.38 percent from 4.47 percent the week prior.

 

    Mortgage Type             Average Rate       Average Rate      % Change
                              Week ending         Week ending
                                4/26/09             4/19/09
 
    30-year fixed                5.07%               5.06%            0.2%
    15-year fixed                4.72%               4.68%            0.7%
    5-1 ARM                      4.38%               4.47%           -2.2%
 

Rates for 30-year fixed purchase mortgages fell even further on Monday, with the average rate on Zillow Mortgage Marketplace at 4.97 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

 

Thirty-year fixed mortgage rates varied by state. New Jersey mortgage rates and Pennsylvania mortgage rates increased the most, up from 5.05 percent to 5.09 percent in New Jersey, and from 5.03 percent to 5.07 percent in Pennsylvania. Georgia mortgage rates (4.99%) and Florida mortgage rates (5.01%) were the lowest in the country, while Ohio mortgage rates (5.17%) were the highest. California mortgage rates were the most requested among all states.

 

    State          Average 30-yr. Fixed    Average 30-yr. Fixed     % Change
                    Rate Week                    Rate Week
                   ending 4/26/09             ending 4/19/09
    Arizona           5.05%                       5.05%               0.0%
    California        5.07%                       5.06%               0.2%
    Colorado          5.07%                       5.05%               0.4%
    Connecticut       5.05%                       5.05%               0.0%
    Florida           5.01%                       4.99%               0.3%
    Georgia           4.99%                       4.99%               0.0%
    Illinois          5.12%                       5.09%               0.5%
    Maryland          5.09%                       5.10%              -0.2%
    Massachusetts     5.10%                       5.08%               0.3%
    Michigan          5.08%                       5.07%               0.3%
    New Jersey        5.09%                       5.05%               0.8%
    New York          5.10%                       5.08%               0.3%
    North Carolina    5.10%                       5.08%               0.3%
    Ohio              5.17%                       5.17%               0.1%
    Oregon            5.11%                       5.11%              -0.1%
    Pennsylvania      5.07%                       5.03%               0.8%
    Texas             5.03%                       5.02%               0.3%
    Virginia          5.02%                       5.06%              -0.7%
    Washington        5.05%                       5.04%               0.1%
    Wisconsin         5.16%                       5.13%               0.5%
 

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.

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.
SOURCE: Zillow.com