Zillow.com's Mortgage Rate Monitor reported Tuesday that the weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased last week to 5.48%, up from 5.25% the week before.
Zillow said rates for 15-year fixed mortgages rose to 4.95% from 4.78%, and 5-1 adjustable rate mortgages rose to 4.62% from 4.48%. On Monday, rates for 30-year fixed purchase mortgages rose further to an average of 5.62%.
Georgia and Missouri led the increases, from 5.15% to 5.48 percent in Georgia and from 5.25% to 5.53% in Missouri. New York, at 5.56%, and Massachusetts, at 5.55%, remained the highest, and Florida was lowest at 5.44%. California, at 5.45%, led in volume of rate quote requests.
The monitor is based on 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.
More data on mortgage rates is expected Thursday, when Bankrate and Freddie Mac put out their weekly reports.