RISMEDIA, October 2, 2009—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased slightly from last week to 5.02%, down from 5.04% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages fell to 4.42% from 4.45%, and 5-1 adjustable rate mortgages fell to 3.94%, down from 4.00% the week prior. 

The volume of mortgage requests fell very slightly last week from 10,996 to 10,963. Of this week’s requests, 43.7% were for refinance loans, 54.1% were for purchase loans and 2.2% were for home equity loans. Last week, 44.3% of requests were for refinance loans, 53.5% were for purchase loans and 2.2% were for home equity loans. 

                                        Average Rate                    Average Rate
Mortgage Type      Week ending 9/27/09        Week ending 9/20/09        % Change
30-year fixed                     5.02%                                     5.04%                    -0.4%
15-year fixed                    4.42%                                      4.45%                     -0.7%
5-1 ARM                           3.94%                                     4.00%                      -1.5% 

Rates for 30-year fixed purchase mortgages decreased further, with the average rate on Zillow Mortgage Marketplace at 4.94%. Thirty-year fixed mortgage rates varied by state. Georgia mortgage rates, New Jersey mortgage rates, New York mortgage rates and Washington mortgage rates decreased the most, from 5.00% to 4.96% in Georgia, from 5.10% to 5.06% in New Jersey, from 5.15% to 5.11% in New York and from 5.03% to 4.99% in Washington. Illinois mortgage rates (5.20%), Ohio mortgage rates (5.13%) and Wisconsin mortgage rates (5.13%) were the highest in the country, while Texas mortgage rates (4.95%) and Georgia mortgage rates (4.96%) were the lowest. California mortgage rates were the most requested among all states.