Mortgage Rates Continue to Rise

Mortgage Rates Continue to Rise SEATTLE, WA - The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased five basis points last week to 4.77 percent, up from 4.72 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 rose three basis points to 4.24 percent from 4.21 percent, and 5-1 adjustable rate mortgages increased four basis points to 3.85 percent, from 3.81 percent the week prior.

The volume of mortgage requests last week fell 16 percent from the prior week. Of last week's requests, 42 percent were for refinance loans, 55 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 45 percent of requests were for refinance loans, 53 percent were for purchase loans and 2 percent were for home equity loans.

On Monday, rates for 30-year fixed purchase mortgages were even higher, with the average rate on Zillow Mortgage Marketplace at 4.78 percent. For current rates, visit www.zillow.com/Mortgage_Rates/.

Thirty-year fixed mortgage rates varied by state. Connecticut mortgage rates and Texas mortgage rates increased the most, from 4.80 percent to 4.90 percent in Connecticut and from 4.64 percent to 4.74 percent in Texas. New York mortgage rates (4.96%) and Illinois mortgage rates (4.95%) were the highest in the country, while Colorado mortgage rates (4.69%) and California mortgage rates (4.72%) were the lowest. California mortgage rates were the most requested among all states.

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.
Source: Zillow.com

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