Mortgage Rates Continue to Fall

SEATTLE, WA - The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased nine basis points last week to 4.75 percent, down from 4.84 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Rates for 15-year fixed mortgages fell four basis points to 4.25 percent from 4.29 percent, and 5-1 adjustable rate mortgages fell three basis points to 3.68 percent, from 3.71 percent the week prior.

The volume of mortgage requests last week rose 29.1 percent from the prior week. Of last week's requests, 47 percent were for refinance loans, 51 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 41 percent of requests were for refinance loans, 56 percent were for purchase loans and 3 percent were for home equity loans.

On Monday, rates for 30-year fixed purchase mortgages fell, with the average rate on Zillow Mortgage Marketplace at 4.64 percent. For current rates, visit www.zillow.com/Mortgage_Rates/.

Thirty-year fixed mortgage rates varied by state. New York mortgage rates and New Jersey mortgage rates decreased the most, from 5.06 percent to 4.91 percent in New York and from 4.90 percent to 4.78 percent in New Jersey. New York mortgage rates (4.91%) and Illinois mortgage rates (4.88%) were the highest in the country, while Texas mortgage rates (4.69%), and Colorado mortgage rates (4.71%) 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.

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.