Zillow 30-year FRMs hit new low at 4.07%

by CHRISTINE RICCIARDI

The 30-year, fixed-mortgage rate decreased after a stable two weeks, to new record low at 4.07%, according to the Zillow Mortgage Marketplace weekly update.

Zillow said the current 15-year, fixed average rate is 3.51% and the rate for a 5-1 adjustable rate mortgage is 2.91%. That type of mortgage maintains a steady rate for five years and then is adjusted annually thereafter.

Regionally, 30-year rates vary, but the majority of states witnessed a deflation. New York's average rate fell 30 basis points to 3.98% last week, down from 4.28%. Rates in Florida fell substantially also, down to 4.02% from 4.13% the previous week, California's rate decreased to 4.04% from 4.15%, and Texas saw its average rate disintegrate to 4.11% from 4.17%.

Pennsylvania's current rate of 4.08% is down from 4.11% last week. Colorado's average rate for a 30-year fixed mortgage shrunk to 4.10% from 4.14% at Nov. 2.

Washington's 30-year FRM increased to 4.12%.

Zillow bases its averages on real-time mortgage quotes from lenders registered with the company. The national average comes from thousands of daily quotes by anonymous borrowers through the Seattle-based company's website.

URL to original article: http://www.housingwire.com/2010/11/09/zillow-30-year-frms-hit-new-low-at-4-07