Rates on 30-year fixed mortgages dropped again last week, with the average rate quoted on the Zillow Mortgage Marketplace falling five basis points to 4.94%, Zillow.com reported Tuesday.
It was the second consecutive week Zillow reported rates below 5%. Mortgage request volume remained flat with the prior week.
Rates for 15-year fixed mortgages fell eight basis points to 4.33% from 4.41%, and 5-1 adjustable rate mortgages fell thirteen basis points to 3.93% from 4.06% the week prior. Of last week's requests, 66% were for purchase loans, 32% were for refinance loans and 2% were for home equity loans. The prior week, 66% also were for purchase, 31% for refinance and 2% were for home equity.
Thirty-year fixed mortgage rates varied by state. Texas and Virginia decreased the most, from 4.93% to 4.82% in Texas and from 5.06% to 4.95% in Virginia. Illinois (5.07%), Arizona (5.05%) and New York (5.05%) were the highest in the country, while Texas (4.82%) and Utah (4.88%) were the lowest. California mortgage rates were as usual the most requested among all states.