1 min read

Mortgage Rates Drop for Second Straight Week

Written by Zillow on June 30, 2009

Rates Fall Further on Monday, According to Zillow® Mortgage Rate Monitor

SEATTLE, June 30 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.48 percent, down from 5.58 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 fell to 4.87 percent from 5.01 percent, and 5-1 adjustable rate mortgages also fell to 4.65 percent, down from 4.73 the week prior.

(Logo: http://www.newscom.com/cgi-bin/prnh/20060503/ZILLOWLOGO)

Mortgage Type Week ending 6/29/09	Average Rate Week ending 6/21/09	Average Rate % Change
30-year fixed	5.48%	5.58%	-1.8%
15-year fixed	4.87%	5.01%	-2.8%
5-1 ARM	4.65%	4.73%	-1.7%

On Monday, rates for 30-year fixed purchase mortgages dropped further, with the average rate on Zillow Mortgage Marketplace at 5.34 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

Thirty-year fixed mortgage rates varied by state. Missouri mortgage rates, Virginia mortgage rates and California mortgage rates decreased the most, from 5.61 percent to 5.48 percent in Missouri, from 5.57 to 5.45 in Virginia and from 5.57 percent to 5.45 percent in California. Illinois mortgage rates and Massachusetts mortgage rates were the highest, each at 5.57 percent. Georgia mortgage rates were the lowest, at 5.42 percent.

State Fixed Rate Week ending 6/29/09	Average 30-yr. Fixed Rate Week ending 6/21/09	Average 30-yr. % Change
Arizona	5.48%	5.58%	-1.8%
California	5.45%	5.57%	-2.2%
Colorado	5.45%	5.55%	-1.8%
Connecticut	5.47%	5.59%	-2.1%
Florida	5.44%	5.50%	-1.1%
Georgia	5.42%	5.52%	-1.8%
Illinois	5.57%	5.64%	-1.2%
Maryland	5.52%	5.61%	-1.6%
Massachusetts	5.57%	5.68%	-1.9%
Michigan	5.50%	5.57%	-1.3%
Missouri	5.48%	5.61%	-2.3%
New Jersey	5.49%	5.59%	-1.8%
New York	5.54%	5.62%	-1.4%
North Carolina	5.50%	5.60%	-1.8%
Ohio	5.56%	5.64%	-1.4%
Oregon	5.50%	5.58%	-1.4%
Pennsylvania	5.47%	5.56%	-1.6%
Texas	5.45%	5.55%	-1.8%
Virginia	5.45%	5.57%	-2.2%
Washington	5.46%	5.53%	-1.3%

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.

Photo: http://www.newscom.com/cgi-bin/prnh/20060503/ZILLOWLOGO
http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com

SOURCE: Zillow.com

Web site: http://www.zillow.com/

Contact Our PR Team

Speak with a Zillow expert about company news or research.

Email the team