Chance Gates' Blog

RISMEDIA, February 12, 2010—Thirty-year fixed mortgage rates on Zillow Mortgage Marketplace are currently 4.81%, down six basis points from 4.87% at this time last week. The 30-year fixed mortgage rates hovered at or below 4.80% for most of the past weekend and neared 4.75% on Monday.

Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the site, and reflect the most recent changes in the market. These are not marketing rates or a weekly survey.

The rate for 15-year fixed home loans is currently 4.27%, while the rate for 5-1 adjustable rate mortgages is 3.70%.

The volume of mortgage requests in the past week fell 9.4% from the prior week. Of last week’s requests, 34.7% were for refinance loans, 63.5% were for purchase loans and 1.9% were for home equity loans. The prior week, 34.5% of requests were for refinance loans, 63.5% were for purchase loans and 2.1% were for home equity loans.

The Nevada Rural Housing Authority launched a new $25 million bond program.  To try and help thaw the frozen market for buyers of manufactured housing in Northern Nevada.

The bond program provides $4500 for first time purchasers.  This money doesn’t need to be repaid, and is available in communities with less than 100,000 people.

A 30 year loan with the down payment assistance would carry a fixed rate of 5.357%.  If a borrow opts out of the down payment assistance the 30 year loan would carry a fixed rate of 4.875%.

Either way, purchasers who have signed a contract by 4/30/2010 and close by the end of June may still qualify for the $8,000 federal tax credit  to first time buyers.