Thirty-Year Fixed Mortgage Rates Increase: Zillow DSNews.com
Rates for 30-year fixed mortgages varied by state. While mortgage rates were the highest in New York and Illinois at 4.81 percent, rates increased the most in Ohio and Michigan. A rate of 4.58 percent in Texas and 4.63 percent in both Colorado and Minnesota marked the lowest mortgage rates across the nation. Among all states, California mortgage rates were the most requested.
Despite increased rates, the volume of mortgage requests last week rose 10 percent from the prior week. Of rates requested last week, 51 percent were for refinance loans, 48 percent were for purchase loans, and 2 percent were for home equity loans. These requests were similar to the previous week when 49 percent of requests were for refinance loans, 49 percent were for purchase loans, and 2 percent were for home equity loans.
Based in Seattle, Washington, Zillow.com is a mortgage marketplace aiming to connect borrowers with lenders in order to help potential buyers find loans and get the best mortgage rates. The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates for conforming loans quoted by mortgage lenders on Zillow.com to borrows have submitted loan requests.
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