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US Mortgage Rates Surge Late Last Week
added: 2009-06-03

The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased last week to 5.25 percent, up from 5.02 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 rose to 4.78 percent from 4.60 percent, and 5-1 adjustable rate mortgages rose to 4.48 percent from 4.27 percent the week prior.

Rates dipped slightly over the weekend, but were expected to climb again during the week. The rate for a 30-year fixed purchase mortgage was 5.28 percent on Monday morning. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

Thirty-year fixed mortgage rates varied by state. Maryland mortgage rates and Massachusetts mortgage rates were the highest, at 5.35 percent and 5.30 percent, respectively. Georgia mortgage rates were the lowest, at 5.15 percent. California mortgage rates were the most requested among all states.

The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates 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: PR Newswire

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