The weekly average rate for 30-year fixed mortgages, 15-year fixed mortgages, and 5-1 adjustable rate mortgages (ARMs) dropped even lower last week, according to the ""Zillow Mortgage Rate Monitor"":http://www.zillow.com/Mortgage_Rates/, compiled by ""Zillow Mortgage Marketplace"":http://www.zillow.com/.[IMAGE]
The weekly average rate borrowers were quoted for 30-year fixed mortgages dropped to 4.94 percent, five basis points lower than the average rate of 4.99 percent the week prior. On Monday, though, rates for 30-year fixed mortgage were even lower, with the average rate on Zillow at 4.86 percent. In addition, rates for 15-year fixed mortgages fell eight basis points last week to 4.33 percent, and 5-1 adjustable rate mortgages fell 13 basis points from the prior week to 3.93 percent.
From state to state, rates for 30-year fixed mortgages varied. Rates fell from 4.93 percent to 4.82 percent in Texas and dropped from 5.06 percent to 4.95 percent in Virginia, marking the two biggest rate declines. At 5.07 percent in Illinois, 5.05 percent in Arizona, and 5.05 percent in New York, 30-year mortgage rates were the highest in these states, and rates were the lowest in Texas, at 4.82 percent and Utah, at 4.88 percent. Nationwide, California mortgage rates were the most requested.
Although rates declined, the volume of mortgage requests last week did not change significantly from the prior week. Of last week's requests, 32 percent were for refinance loans, 66 percent were for purchase loans, and 2 percent were for home equity loans. This was almost unchanged from the week prior when 31 percent of requests were for refinance loans, 66 percent were for purchase loans, and 2 percent were for home equity loans.
Based in Seattle, Zillow is a free, open, and transparent lending marketplace that aims to connect borrowers with lenders. The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates for conforming loans quoted on Zillow by mortgage lenders to borrowers who have submitted loan requests, and state-level data is gathered for the top 20 states with the highest quote volume.