Mint Hill Homes and Mortgage Update

July 22, 2009-The weekly average rate borrowers were quoted on Mortgage Marketplace for 30-year fixed mortgages increased last week to 5.31%, up from 5.26% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Meanwhile, rates for 15-year fixed mortgages rose to 4.69% from 4.65%, and 5-1 adjustable rate mortgages also rose to 4.31%, down from 4.30% the week prior.

Average Rate Average Rate
Mortgage Type Week ending 7/19/09 Week ending 7/12/09 % Change

30-year fixed 5.31% 5.26% 1.0%
15-year fixed 4.69% 4.65% 0.9%
5-1 ARM 4.31% 4.30% 0.2%

Thirty-year fixed mortgage rates varied by state. Minnesota mortgage rates and Maryland mortgage rates increased the most, from 5.32% to 5.40% in Minnesota and from 5.33% to 5.40% in Maryland. Illinois mortgage rates (5.41%), Minnesota mortgage rates (5.40%) and Maryland mortgage rates (5.40%) were the highest in the country, while Georgia mortgage rates (5.22%) were the lowest.

For more information call Rich Ferretti at 704-564-0807.

Rich Ferretti your Matthews NC homes and Mint Hill Homes real estate specialist.