Mortgage Rate Surges Upward

Mortgage Rate Surges Upward SEATTLE, WA - The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased sixteen basis points last week to 4.93 percent, up from 4.77 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 thirteen basis points to 4.37 percent from 4.24 percent, and 5-1 adjustable rate mortgages increased thirteen basis points to 3.98 percent, from 3.85 percent the week prior.

The volume of mortgage requests last week fell 26 percent from the prior week. Of last week's requests, 35 percent were for refinance loans, 63 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 43 percent of requests were for refinance loans, 55 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 5.06 percent. For current rates, visit www.zillow.com/Mortgage_Rates/.

Thirty-year fixed mortgage rates varied by state. Georgia mortgage rates, Maryland mortgage rates, North Carolina mortgage rates , Texas mortgage rates and Virginia mortgage rates increased the most, from 4.81 percent to 5.01 percent in Georgia, from 4.85 percent to 5.04 percent in Maryland, from 4.84 percent to 5.03 percent in North Carolina, from 4.74 percent to 4.93 percent in Texas and from 4.82 percent to 5.01 percent in Virginia. New York mortgage rates (5.12%) and Illinois mortgage rates (5.10%) were the highest in the country, while Colorado mortgage rates (4.86%) and California mortgage rates (4.88%) 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.

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.
Source: Zillow.com

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