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Thirty-Year Fixed Rates Back Below 5.00%
Low Rates Drive Refinance Requests on Zillow Mortgage Marketplace, According to Zillow® Mortgage Rate Monitor
Written by Zillow on January 13, 2009
SEATTLE, Jan. 13 /PRNewswire/ -- Thirty-year mortgage rates fell last week to 4.92 percent and the low rates that have persisted for the last month attracted thousands of homeowners hoping to refinance to Zillow Mortgage Marketplace in December and early January.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060503/ZILLOWLOGO)
Requests to refinance normally make up about one-third of all loan requests on Zillow Mortgage Marketplace, but in December they made up 67 percent. So far in January, they have made up 62 percent. The total number of requests also increased more than 150 percent from November to December.
The weekly average rates for 30-year fixed mortgages decreased to 4.92 percent last week, down from 5.10 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 decreased to 4.58 percent, down from 4.79 percent and 5-1 adjustable rate mortgages decreased to 5.35 percent from 5.62 percent.
| Mortgage Type Week ending 1/11/09 | Average Rate Week ending 1/4/09 | Average Rate | % Change |
|---|---|---|---|
| 30-year fixed | 4.92% | 5.10% | -3.6% |
| 15-year fixed | 4.58% | 4.79% | -4.5% |
| 5-1 ARM | 5.35% | 5.62% | -4.8% |
Rates for 30-year fixed mortgages fell far below 5.00% again on Monday evening, with the average rate on Zillow Mortgage Marketplace at 4.86 percent.
At a state level, the 30-year fixed mortgage rates in Maryland and Virginia had the biggest decreases, dropping from 5.26 percent to 4.97 percent and 5.21 percent to 4.93 percent, respectively. Rates on 30-year fixed mortgages were lowest in the states of Arizona (4.80%) and Georgia (4.81%), while Maryland (4.97%), Illinois (4.97%), Minnesota (4.97%) and Michigan (5.05%) had the highest rates.
| State Rate Week ending 1/11/09 | Average 30-yr. Fixed Rate Week ending 1/4/09 | Average 30-yr. Fixed | % Change |
|---|---|---|---|
| Arizona | 4.80% | 4.97% | -3.4% |
| California | 4.92% | 5.10% | -3.5% |
| Colorado | 4.95% | 5.16% | -4.0% |
| Connecticut | 4.96% | 5.06% | -1.9% |
| Florida | 4.85% | 5.02% | -3.4% |
| Georgia | 4.81% | 4.99% | -3.6% |
| Illinois | 4.97% | 5.20% | -4.3% |
| Maryland | 4.97% | 5.26% | -5.5% |
| Massachusetts | 4.93% | 5.13% | -3.8% |
| Michigan | 5.05% | 5.13% | -2.2% |
| Minnesota | 4.97% | 5.16% | -3.7% |
| Missouri | 4.94% | 5.14% | -3.8% |
| New Jersey | 4.88% | 5.07% | -3.7% |
| New York | 4.95% | 5.14% | -3.8% |
| North Carolina | 4.92% | 5.09% | -3.3% |
| Oregon | 4.85% | 5.03% | -3.6% |
| Pennsylvania | 4.85% | 5.02% | -3.5% |
| Texas | 4.84% | 5.06% | -4.2% |
| Virginia | 4.93% | 5.21% | -5.5% |
| Washington | 4.90% | 5.05% | -3.0% |
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.
Zillow Mortgage Marketplace is an open and transparent lending marketplace, providing borrowers an anonymous and hassle-free way to receive an unlimited number of customized mortgage quotes directly from confirmed lenders.
About Zillow Mortgage Marketplace
Zillow Mortgage Marketplace is an online mortgage resource allowing borrowers to anonymously request an unlimited number of personalized loan quotes from confirmed mortgage professionals, for free. Zillow Mortgage Marketplace educates borrowers with tools such as a choice of mortgage calculator, rate tables, and informational resources on obtaining a home loan. In April 2008, Zillow Mortgage Marketplace launched in affiliation with Zillow.com, one of the most visited U.S. real estate Web sites. Zillow's goal is to help people become smarter about real estate in every stage of the home ownership process -- buying, selling, remodeling and financing. The company is headquartered in Seattle and has raised $87 million in funding.
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/
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