The Zillow Mortgage Marketplace from Zillow.com reported Tuesday that rates for 30-year fixed mortgages increased twelve basis points last week to 5.05%, up from 4.93% the week prior.
Rates for 15-year fixed mortgages rose eleven basis points to 4.48% from 4.37%, and 5-1 adjustable rate mortgages increased seventeen basis points to 4.15%, from 3.98% a week earlier.
Despite the rate increase, the volume of mortgage requests last week rose 49% from the prior week, when requests were down significantly due to the Christmas holiday. Of last week's requests, 32% were for refinance loans, 65% were for purchase loans and 2% were for home equity loans, compared to 35%, 63% and 2%, respectively, during the Christmas week.
Rates for 30-year fixed purchase mortgages slipped back to 5% on Monday, Jan 4., Zillow said.
Rates in Minnesota, New York and Pennsylvania increased the most, from 4.89% to 5.04% in Minnesota, from 5.12% to 5.26% in New York and from 4.99% to 5.13% in Pennsylvania. New York mortgage rates (5.26%) and Connecticut mortgage rates (5.19%) were the highest in the country, while Colorado mortgage rates (4.99%) and California mortgage rates (4.99%) were the lowest. California mortgage rates were the most requested among all states.