Source: PRNewswire
Publication date: 2009-08-25

SEATTLE, Aug. 25 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.19 percent, down from 5.30 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com(R). Rates for 15-year fixed mortgages fell to 4.59 percent from 4.63 percent, and 5-1 adjustable rate mortgages fell to 4.17 percent, down from 4.22 the week prior.

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Average Rate__ Average Rate

Mortgage Type__ Week ending 8/23/09__ Week ending 8/16/09__ % Change

-------------__ -------------------- --------------------__ ---- ----

30-year fixed__ 5.19%__ 5.30%__ -1.9%

-------------__ ----__ ----__ ----

15-year fixed__ 4.59%__ 4.63%__ -0.8%

-------------__ ----__ ----__ ----

5-1 ARM__ 4.17%__ 4.22%__ -1.2%

-------__ ----__ ----__ ----

On Monday, rates for 30-year fixed purchase mortgages remained steady, with the average rate on Zillow Mortgage Marketplace at 5.18 percent. For current, up-to-the-minute rates, visit www.zillow.com/ Mortgage_Rates/.

Thirty-year fixed mortgage rates varied by state. Georgia mortgage rates, Illinois mortgage rates and Massachusetts mortgage rates decreased the most, from 5.27 percent to 5.12 percent in Georgia, from 5.44 percent to 5.30 percent in Illinois and from 5.38 percent to 5.23 percent in Massachusetts. New York mortgage rates (5.31%) and Maryland mortgage rates (5.33%) were the highest in the country, while Georgia mortgage rates (5.12%) and Colorado mortgage rates (5.15%) were the lowest. California mortgage rates were the most requested among all states.

Average 30-yr. Average 30-yr.

Fixed Rate__ Fixed Rate

State__ Week ending 8/23/09__ Week ending 8/16/09__ % Change

-----__ --------------------__ --------------------__ --------

Arizona__ 5.23%__ 5.34%__ -2.0%

-------__ ----__ ----__ ----

California__ 5.16%__ 5.25%__ -1.7%

----------__ ----__ ----__ ----

Colorado__ 5.15%__ 5.27%__ -2.2%

--------__ ----__ ----__ ----

Connecticut__ 5.16%__ 5.28%__ -2.3%

-----------__ ----__ ----__ ----

Florida__ 5.17%__ 5.28%__ -2.1%

-------__ ----__ ----__ ----

Georgia__ 5.12%__ 5.27%__ -2.8%

-------__ ----__ ----__ ----

Illinois__ 5.30%__ 5.44%__ -2.7%

--------__ ----__ ----__ ----

Maryland__ 5.33%__ 5.40%__ -1.3%

--------__ ----__ ----__ ----

Massachusetts__ 5.23%__ 5.38%__ -2.7%

-------------__ ----__ ----__ ----

Michigan__ 5.30%__ 5.38%__ -1.5%

--------__ ----__ ----__ ----

New Jersey__ 5.23%__ 5.34%__ -2.1%

----------__ ----__ ----__ ----

New York__ 5.31%__ 5.38%__ -1.3%

--------__ ----__ ----__ ----

North Carolina__ 5.21%__ 5.31%__ -1.9%

--------------__ ----__ ----__ ----

Ohio__ 5.29%__ 5.40%__ -2.0%

----__ ----__ ----__ ----

Oregon__ 5.26%__ 5.31%__ -1.1%

------__ ----__ ----__ ----

Pennsylvania__ 5.20%__ 5.30%__ -2.0%

------------__ ----__ ----__ ----

South Carolina__ 5.20%__ 5.32%__ -2.4%

--------------__ ----__ ----__ ----

Texas__ 5.19%__ 5.29%__ -1.8%

-----__ ----__ ----__ ----

Virginia__ 5.18%__ 5.29%__ -2.1%

--------__ ----__ ----__ ----

Washington__ 5.18%__ 5.25%__ -1.4%

----------__ ----__ ----__ ----

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.

SOURCE: Zillow.com

Originally published by Zillow.com.

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