Rates on 30-year fixed rate mortgages rose an average of 16 basis points to 4.93% last week, according to the Zillow Mortgage Rate Monitor published by Zillow.com. On Monday, 30-year rates on fixed purchase loans shot up further, coming in at an average of 5.06%, Zillow said Tuesday.
Rates for 15-year fixed mortgages rose thirteen basis points to 4.37%, and 5-1 adjustable rate mortgages increased thirteen basis points to 3.98%.
The volume of mortgage requests last week fell 26% from the prior week. Of last week's requests, 35% were for refinance loans, 63% were for purchase loans and 2% were for home equity loans. The prior week, 43% of requests were for refinance loans, 55% were for purchase loans and 2% were for home equity loans.
Thirty-year fixed mortgage rates varied by state. Among states with notable increases, Georgia rates rose from 4.81% to 5.01%, Maryland was up from 4.85% to 5.04%, North Carolina increased from 4.84% to 5.03%, Texas moved up from 4.74% to 4.93% rates and Virginia rose from 4.82% to 5.01%. New York mortgage rates (5.12%) and Illinois mortgage rates (5.10%) were the highest in the country, while Colorado mortgage rates (4.86%) and California mortgage rates (4.88%) were the lowest. California mortgage rates were the most requested among all states.