Mortgage rates continue historic decline

Mortgage rates fell again last week, hitting as low as 5.10 percent last Friday, after the government’s decision to purchase mortgage-backed securities. The weekly average rates for 30-year fixed mortgages declined to 5.34 percent, down from 5.53 percent the week prior, according to the Zillow Mortgage Rate Monitor. Rates for 15-year fixed mortgages decreased to 5.16 percent, down from 5.34 percent and 5-1 adjustable rate mortgages fell to 5.93 percent from 6.01 percent. Rates for 30-year fixed mortgages remained fairly steady on Monday evening with the average rate on Zillow Mortgage Marketplace at 5.33 percent.

At a state level, the 30-year fixed mortgage rate in Ohio had the biggest decrease, falling from 5.62 percent to 5.25 percent. Rates on 30-year fixed mortgages were lowest in the states of Georgia (5.19%) and Ohio (5.25%), while New York (5.44%) and New Jersey (5.40%) had the highest rates.

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