Mortgage rates quoted to prospective borrowers on real estate website Zillow.com increased for the third consecutive week last week but crept back downward on Monday, the Seattle-based company reported Tuesday.
The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages was up to 5.72%, up from 5.48% the week prior. Rates for 15-year fixed mortgages rose to 5.18% from 4.95%, and 5-1 adjustable rate mortgages rose to 4.73% from 4.62% the week prior.
On Monday, rates for 30-year fixed purchase mortgages dropped, with the average rate on Zillow Mortgage Marketplace at 5.54%.
Pennsylvania, New Jersey and Arizona rose the most, from 5.45% to 5.74% in Pennsylvania, from 5.45% to 5.72% in New Jersey, and from 5.47% to 5.74% in Arizona, all for 30-year fixed loans. New York and Illinois rates were highest, each at 5.79%. Florida rates were the lowest at 5.66%. And California, up from 5.45% the week before to 5.70% last week, continued as the state with the most rate requests.
Among other states, Colorado was up from 5.48% to 5.71%; Connecticut was up from 5.50% to 5.73%; Georgia up from 5.48% to 5.67%; Maryland up from 5.52% to 5.75%; Masssachusetts up from 5.55% to 5.78%; Michigan up from 5.48% to %.69%; Minnesota up from 5.51% to 5.77%; Missouri up from 5.53% to 5.74%; North Carolina up from 5.52% to 5.72%; Oregon up from 5.50% to 5.70%; Texas up from 5.45% to 5.68%; Virginia up from 5.48% to 5.71% and Washington up from 5.45% to 5.69%.