Mortgage Rates and Buying a Home
Here’s a repost of a blog post on RisMedia about how volitale the interest rates are right now. As the market continues to improve we could see rates begin to climb. Especially if the government stops buying down the rate like it has been for a few months.
RISMEDIA, June 3, 2009-The weekly average mortgage rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased last week to 5.25%, up from 5.02% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com(R). Meanwhile, rates for 15-year fixed mortgages rose to 4.78% from 4.60%, and 5-1 adjustable rate mortgages rose to 4.48% from 4.27% the week prior.
Mortgage Type Average Rate Average Rate % Change
Week ending 5/31/09 Week ending 5/24/09
30-year fixed 5.25% 5.02% 4.6%
15-year fixed 4.78% 4.60% 3.7%
5-1 ARM 4.48% 4.27% 4.8%
Rates dipped slightly over the weekend, but were expected to climb again during the week. The rate for a 30-year fixed purchase mortgage was 5.28% on Monday morning.
Thirty-year fixed mortgage rates varied by state. Maryland mortgage rates and Massachusetts mortgage rates were the highest, at 5.35% and 5.30%, respectively. Georgia mortgage rates were the lowest, at 5.15%. California mortgage rates were the most requested among all states.
State Average 30-yr. Average 30-yr. % Change
Fixed Rate Fixed Rate
Week ending 5/31/09 Week ending 5/24/09
Arizona 5.25% 5.04% 4.1%
California 5.24% 5.00% 4.7%
Colorado 5.23% 5.02% 4.1%
Connecticut 5.26% 4.99% 5.4%
Florida 5.19% 4.97% 4.4%
Georgia 5.15% 4.93% 4.5%
Illinois 5.28% 5.08% 4.0%
Maryland 5.35% 5.09% 5.1%
Massachusetts 5.30% 5.11% 3.7%
Michigan 5.21% 5.01% 3.9%
Missouri 5.25% 5.06% 3.8%
New Jersey 5.24% 5.02% 4.4%
New York 5.29% 5.05% 4.7%
North Carolina 5.27% 5.07% 3.9%
Ohio 5.28% 5.11% 3.3%
Oregon 5.27% 5.03% 4.9%
Pennsylvania 5.26% 4.99% 5.3%
Texas 5.25% 5.02% 4.5%
Virginia 5.23% 4.96% 5.5%
Washington 5.24% 4.98% 5.2%
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.
For more information, visit www.Zillow.com.
Read more: “Mortgage Rates Surge Late Last Week; 30-Year Fixed Rates Peak Near 5.40% But Fall Over Weekend | RISMedia” - http://rismedia.com/2009-06-02/mortgage-rates-surge-late-last-week-30-year-fixed-rates-peak-near-540-but-fall-over-weekend/#ixzz0HOeSLbKi&A
