PrintThe weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased ten basis points last week to 4.87 percent, down from 4.97 percent the week prior, but rose or 30-year fixed purchase mortgages to 4.92 percent, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®.
Rates for 15-year fixed mortgages fell six basis point to 4.32 percent from 4.38 percent, and 5-1 adjustable rate mortgages fell seven basis points to 3.80 percent, from 3.87 percent the week prior.
The volume of mortgage requests last week fell 9.6 percent from the prior week. Of last week’s requests, 45 percent were for refinance loans, 53 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 47 percent of requests were for refinance loans, 51 percent were for purchase loans and 2 percent were for home equity loans.
Thirty-year fixed mortgage rates varied by state. Missouri mortgage rates, and Illinois mortgage rates decreased the most, from 5.17 percent to 4.93 percent in Missouri and from 5.13 percent to 4.91 percent in Illinois. New York mortgage rates (5.03%) and Connecticut mortgage rates (4.96%) were the highest in the country, while Oregon mortgage rates (4.83%), Washington mortgage rates (4.84%), California mortgage rates (4.84%) and Texas mortgage rates (4.84%) were the lowest.
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.
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