Mortgage Interest Rates Dropping After Weeks of Increases

According to a report just released by Zillow, the weekly average interest rates borrowers were quoted for 30-year and 15- year fixed rate mortgages decreased last week, from the weeks prior. 

This information was compiled by Zillow Mortgage Rate Monitor.

Obviously, thirty-year and fifteen year fixed mortgage rates varied by state.  The states, according to Zillow, with the greatest interest rate decreases (as of Monday) were Pennsylvania and New York.  The states with the highest interest rates were Wisconsin and Massachusetts.

According to its ˜Mortgage Marketplace', the state with the lowest interest rates being charged was Florida.

I will note here: the Zillow Mortgage Rate Monitor is compiled each week using 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.

I have used Zillow's data for the purpose of demonstrating that interest rates are trending down, albeit it may only be short term.

Significantly better interest rates (than those quoted by Zillow sponsors) can be found by calling around your local or state marketplace.  I encourage mortgage rate shoppers' not to use on-line search engines as a basis of finding a mortgage, but only as an additional resource to garner information.