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30-Year Mortgage Rates Rise to 5.25%
added: 2009-02-04

The weekly average rate borrowers were quoted on Zillow for thirty-year mortgages rose again last week to 5.25 percent, up from 5.12 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com(R).

Meanwhile, rates for 15-year fixed mortgages increased to 4.96 percent, up from 4.92 percent and 5-1 adjustable rate mortgages increased to 5.37 percent from 5.27 percent.

Rates for 30-year fixed purchase mortgages had risen even more by Monday evening, with the average rate on Zillow Mortgage Marketplace at 5.17 percent.

At a state level, the 30-year fixed mortgage rate in California had the biggest increase, rising from 5.07 percent to 5.27 percent, while rates in Michigan bucked the national trend by decreasing from 5.34% to 5.21%. Rates on 30-year fixed mortgages were lowest in the states of Georgia (5.11%) and Washington (5.15%), while Massachusetts (5.40%) and Illinois (5.35%) had the highest rates.


Source: PR Newswire

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