Archive for June, 2009
Appraisals: Home Valuation Code of Conduct (HVCC)
Posted by Chas W. Leeper, SRA in Help for Buyers, Sellers & Homeowners, Help for Realtors / Brokers, Help for mortgage pros on June 24th, 2009
The HVCC has allowed government regulation to completely decimate the business that I have spent 23 years developing. The clients that I have worked hard to capture and retain can no longer order appraisals from Leeper Appraisal Services. Andre’s article explains things pretty well. Please considered signing the two petitions below…
and
http://www.petitiononline.com/hvcc/petition.html
Thanks,
chas
By Andre Hemmersbach
Mortgage Planner at American California Fiancial Inc.
June 2009
Last year the “Home Valuation Code of Conduct” (HVCC) was introduced as the answer to the lending industries problems with fraud associated with appraisals. This new law took effect in May of 2009 and has now been in place for several weeks. Basically the law removes the ability of the loan officer, real estate agent, lending institution or anyone associated with the real estate transaction to choose the appraiser or to be in direct contact with the appraiser. Theoretically this should reduce the risk of fraudulent valuation scams and block the quid pro quo “more appraisal business for valuations that make deals work.”
To meet the requirements of complete disassociation between the appraiser and all other participants of the real estate transaction, lenders have hired Appraisal Management Companies (AMC’s) to be that artificial barrier. The AMC controls which appraiser does the property inspection and also controls all communication that is necessary with the appraiser.
At first glance, the HVCC looks like a great idea and most likely will accomplish its intended goal. Unfortunately this disassociation, in my opinion, will ultimately hurt the vast majority of consumers to protect a few. In essence it has created an additional level of “hoops” to jump through instead of taking a tough stance on enforcing the rules that are already in place.
The new process mistakenly replaces what merely should be common sense and good risk making decisions by lenders with a barrier to communication between parties that have to communicate to do a good job. For a fair and correct valuation of a property the consumer is best served when the appraiser is: experienced, ready, willing and able to meet the time line of the transaction, and is familiar with the geographic area of the subject property. The new process disburses appraisal assignments based on who is next on a list to receive an appraisal order not on the real qualifications of the appraiser.
Within the 5 weeks that this new appraisal procedure has been instituted, waves of nightmare stories have appeared on industry websites and blogs. Reports of inexperienced or out-of-town appraisers unfamiliar with the area making horrendous valuation decisions, extremely poor communication causing unexpected delays in closing and missed lock commitments are common. The new law also limits the ability of the borrower to shop for the best interest rate.
Borrowers who are declined at one institution or feel they can get a better rate at another lender used to be able to transfer their appraisal by requesting an assignment and then reapply at the new lender. This is no longer the case. An appraisal ordered through one lender’s AMC is not transferable or valid at any other institution. This, in effect limits the ability of the borrower to find new financing without starting the appraisal process all over again with new fees and time frames.
To be fair one of the benefit that I have noticed with the implementation of HVCC is the price. Previously an average appraisal would have cost a borrower approximately $450.00. Current cost has been reduced by about $60.00 to $390.00.
At the heart of capitalism is the freedom of consumer choice and this is the greatest market force guaranteeing a fair and competitive price in addition to a quality product. The government should use the current laws that are already in place and prosecute the fraud that has been committed by dishonest borrowers, loan officers, Realtors, and lenders and allow the vast majority of honest, hard working real estate professionals to continue to do the job of representing their client’s best interest.
Homeowners Foundation Highlights Dangers for Home Buyers
Posted by Chas W. Leeper, SRA in Help for Buyers, Sellers & Homeowners on June 19th, 2009
RISMEDIA, June 19, 2009-The American Homeowners Foundation (AHF), the independent national nonprofit consumer education organization serving American homeowners since 1984, has published a free guide to help home buyers avoid the many traps related to buyer representation. These traps have lead to thousands of lawsuits and caused many home buyers to pay thousands of dollars more than necessary. AHF has been warning home buyers about them for many years in its books and newsletters. According to AHF and the National Association of Realtors© (NAR), the problem is getting worse. For that reason the Foundation has compiled “The Home Buyers Guide to Real Estate Representation”, which it is providing free as a public service to American home buyers.
The process of buying a home has gotten far more complex over the years. One area that has become very complicated is buyer representation. Most home buyers deal with real estate agents and brokers in the course of their home purchase. Depending on the real estate agent and broker’s business model and the nature of the home buyers’ agreements, if any, with a real estate agent or broker, the agent and brokerage may be 100% on the buyer’s side, 100% on the seller’s side, somewhere in between, or a knowledgeable but largely disinterested third party.
The types of buyer agency business models have proliferated in recent years. They range from exclusive buyer agency, which does provide full representation to buyers, to many variations of dual agency, under which home buyers may be denied assistance in negotiating the lowest price and best terms. The alternatives available to home buyers in terms of buyer agency business models can have a major impact on the cost of a home. The problem is compounded by widespread noncompliance with state laws requiring that real estate agents and brokers make it clear who they actually represent and what services they may or may not provide.
Today many home buyers falsely believe that their real estate agent is helping them to negotiate the lowest price and most favorable terms, but in fact their real estate agent and brokerage is not, and may be helping the seller get the highest price. According to NAR’s 2007 Profile of Home Buyers and Sellers, nearly half of home buyers wrote contract offers to purchase homes without ever having been told by their agent that they were not helping the buyer negotiate the lowest price and most favorable terms.
To make an informed decision in selecting a real estate agent to work with, home buyers need to know in advance exactly what representation they will or will not be receiving from a real estate agent and brokerage. To help them, The Home Buyers Guide to Real Estate Representation includes a questionnaire home buyers can use to find that out, as well as obtain other background information that will help them pick the most qualified real estate agent. Home buyers can receive a free digital copy by sending an e-mail to AHF@AmericanHomeowners.org and typing “Free Home Buyers Guide” in the subject line. They can receive a free printed copy by mailing a stamped self addressed envelope with 3 ounces of affixed postage to: AHF Free Home Buyers Guide, 6776 Little Falls Rd., Arlington, VA 22213.
The American Homeowners Foundation publishes books, model contracts, special studies and other helpful tools for home buyers and sellers and current homeowners. The Foundation’s website (www.AmericanHomeowners.org) contains much useful free information that American homeowners will find helpful in home buying, selling, remodeling, financing, and related activities.
Luring First-time Home Buyers - 5 Tips to Beat the Competition, Sell Your Home
Posted by Chas W. Leeper, SRA in Help for Buyers, Sellers & Homeowners on June 19th, 2009
By Amy Hoak
RISMEDIA, June 19, 2009-(MCT)-A federal tax credit of up to $8,000 is nudging many Americans into buying a home for the first time, good news for those trying to sell one.
Still, selling a home isn’t easy in most markets today. To get the typical first-time buyer to bite and submit an offer, a house has to stand apart from the competition - and there’s a lot of it, including foreclosure homes that are selling at hefty discounts.
One big thing working in favor of the traditional seller: A lived-in, maintained home is easier for buyers to imagine themselves living in than a vacant foreclosure. That has great appeal for someone buying a home for the first time, for practical and financial reasons.
“First-time buyers are skeptical of buying homes that need improvement. Sellers certainly don’t need to remodel the kitchen, but they want to make sure that their home showcases very well,” said Eric Mangan, a spokesman for ForSaleByOwner.com.
In fact, while nearly half of brokers polled for a Coldwell Banker survey last year found that affordability was the No. 1 concern for first-time buyers, 81% said move-in conditions were very important to these buyers. Only 7% said first-time buyers were looking to purchase fixer-upper homes that they could buy on the cheap and renovate.
Those feelings are likely just as strong today as lenders generally require larger down payments, unless the mortgage is backed by the Federal Housing Administration. Higher down payments means buyers have less cash left over for improvements, said Leslee MacKenzie, of Coldwell Banker Hickok & Boardman Realty in Burlington, Vt.
“They’re doing what they can to save for the down payment,” she said, and that will deplete some of the funds a home buyer would have for repairs. “They’re concerned about out-of-pocket expenses upon taking ownership.”
While foreclosures that are in severe disrepair can be a huge turnoff for a first-time buyer, some banks will make improvements to their foreclosure stock, fixing them up so that they meet FHA standards and a buyer’s needs, said Chuck Whitehead, of Coldwell Banker Associated Brokers in Southern California. These homes can be stiff competition for the rest of the for-sale inventory.
Never fear, there are still ways to outshine other homes on the market. Assuming the home is priced correctly, here are five ways to lure a first-time buyer:
1. Maintain and Stage. A home that has been taken care of throughout the years will offer a stark contrast to a vacant, empty foreclosure.
“If someone is living there, the landscaping is not dead,” Whitehead said. “There is warmth in the home,” and that can go a long way in selling a property. “It’s all about the emotion, of having the ability to see what they can have.”
As with any home, a fresh coat of paint, decluttering and the removal of unpleasant odors can go a long way to making a good first impression. But be careful not to over-improve the home, because the investment might not be worth the cost.
2. Mention Up Front That You’ll Help Pay Closing Costs. Whether it’s in the marketing material or in the listing, this could be an extra motivator to reel a buyer in. Generally, there’s a good chance they’ll ask for closing cost help anyway, but it might pay off to be proactive and offer it at the beginning, said Heather Joubran, a real-estate agent with RE/MAX Central Realty in Lake Mary, Fla.
If rising mortgage rates have your buyer spooked, consider paying mortgage points to bring the rate down, Mangan said. But consider a buyer’s timeline for staying in the home before deciding if this is the most effective way to help; paying points generally makes sense for those staying in a home for more than a few years.
3. Offer a Home Warranty. First-time buyers are often coming from a rental, and they are used to calling a landlord when there’s a problem. To help them more easily transition into homeownership, provide them a warranty that covers major systems when problems arise, Joubran said.
4. Offer Mortgage Protection. In some cases, it might make sense to address buyers’ fears by purchasing insurance so they can keep up with their mortgage even if after losing a job. Coldwell Banker has such a program through its parent company, Realogy.
Basically, the plan will make several months of mortgage payments in the event that the buyer becomes unemployed. “There are people with secure jobs who are still nervous. This can give them just a little more comfort,” MacKenzie said.
5. Don’t Snub Low Offers. Buyers know prices have fallen, so they’re being aggressive in their offers-sometimes extremely aggressive. But even if they come in with a shocking lowball offer, don’t scoff at it. Understand where they’re coming from, and try to compromise.
“My rule of thumb is every offer deserves a counteroffer,” Joubran said. “At least counter them back. It gets the conversation going.”
If they liked the home enough to make an offer, it’s possible you can arrive at a mutually acceptable price, she said.
©2009, MarketWatch.com Inc.
Distributed by McClatchy-Tribune Information Services.
Home Refinancing: Tips on Saving Precious Time and Money
Posted by Chas W. Leeper, SRA in Help for Buyers, Sellers & Homeowners on June 18th, 2009
By: Pat Sheen
Refinancing a mortgage is becoming more and more common all over North America. Given the economic crisis, the poor real estate market, and dropping interest rates, many people are looking for ways
to save money or even more importantly looking for ways to save their homes.
There are a few reasons why people may want to refinance their mortgage. In some cases it is to take advantage of lower interest rates that are available at the time. In other cases it is to be able to take out
equity in their homes to pay off bills, or to have some extra cash in their pockets. In more dire circumstances, a home owner may need to prevent a foreclosure and look for ways to save his/her home.
Refinancing actually means getting a new mortgage and this can be quite costly. It is important to look over your original agreement to see if there are any prepayment penalties , as this could literally cost
you thousands of dollars if you are not careful. Remember these are not the only fees that are involved with refinancing, there may be upfront costs and closing costs, you may also have to take out mortgage
insurance as well.
If you are considering refinancing your mortgage, you should ask yourself how long you plan to stay in your home. If you are considering moving in the next 3 to 5 years, you may want to reconsider refinancing
even though you may be lowering your interest rates. The reason is that the costs involved are going to be quite large and you will only benefit from a refinance if you stay in your home long enough to re coup
the money spent on the refinance process.
One of the most important things you can do is to educate your self as much as possible before settling with a mortgage broker. You will want to learn about all the different mortgage packages available that
re being offered from the various lenders and banks. You will need to understand what type of agreement is being offered to you and you will have to be able to determine if this is the right contract for you.
The best thing is to start doing some online research and look into all the different advantages and disadvantages of refinancing, check out as many mortgage broker websites as possible in your area. It is
also wise to talk to as many lenders and let them know that you are shopping for the best possible deals.
You will want to know what the costs are, are there any prepayment penalties, what are the rates being offered, what are the closing costs, can you get a good faith estimate? These are some of the
important questions you will need to ask.
Another thing is that every time you apply for a mortgage refinance, the banks and lending institutions will do a credit check and of course, the more credit checks the lower your score will be.
The advice would be to wait until you have as much information as possible and have a list of mortgage brokers at your finger tips. When you are ready to start applying for the refinance process, you should
try to do them all in the same month, that way your credit rating will take all the hits in the same month and that will prevent your credit score from being penalized further.
These are just some things to consider before deciding if refinancing is the right thing for you.
Current Home Mortgage Rates Likely To Follow Yields
Posted by Chas W. Leeper, SRA in Help for Buyers, Sellers & Homeowners, Help for Realtors / Brokers, Help for mortgage pros on June 17th, 2009
Treasury yields continued their drop last week. Yields on benchmark 10-year Treasuries fell from 3.86% midweek to 3.80% to close out the week. Treasury yields at one point on Thursday, prior to the Fed’s sale of the bonds, climbed as high as 4.01%. Mortgage rates should stabilize and drop slightly by the end of the week.
Lower yields on mortgage securities is another factor helping to stabilize and lower mortgage rates. Monday saw a third straight day of dropping yields. Fannie Mae saw rates in their 30-year fixed-rate bonds fall from 4.91% to 4.72% near the end of business on Monday.
Differences between the company’s bonds and 10-year Treasury yields fell to 1%. This difference, a key forecast indicator of future changes in mortgage rates, was as low as 0.7% in May. The difference had climbed to nearly 2.4% last year.
Predictions for falling home prices are another factor to be considered. A number of economists and real estate experts estimate the market will experience a fall in home prices of 40% from their peak. With higher mortgage rates lower home prices will be necessary to offset those finance costs to buyers. Builders nationwide are continuing to scale back construction as worries of surplus continue to plague the industry.
The U.S. Treasury will hold another policy meeting next Tuesday. Current mortgage rates will likely be what holds for the remainder of this week. The Federal Reserve has been committed to the continued purchase of Treasuries to keep borrowing rates low for consumers. However, some economists are worried the Fed’s efforts to keep mortgage rates low and boost the housing market will lead to inflation. World markets will be watching to see what the Treasury announces next week.
By Kyle Godfrey
Freddie Mac: Home Mtg. Rates Rise to Highest Levels of Year
Posted by Chas W. Leeper, SRA in Help for Buyers, Sellers & Homeowners, Help for Realtors / Brokers on June 15th, 2009
FHA Tax Credit Monetization Helps Home Buyers With Upfront Costs
Posted by Chas W. Leeper, SRA in Help for Buyers, Sellers & Homeowners, Help for Realtors / Brokers on June 11th, 2009
RISMEDIA, June 11, 2009-First-time home buyers who would otherwise qualify for the $8,000 tax credit, but don’t have the money for a down payment or closing fees, may now be able to get a loan to help cover those upfront costs.
The U.S. Department of Housing and Urban Development (HUD) announced on May 29 that the Federal Housing Administration (FHA) will allow state housing finance agencies to provide second mortgages “monetizing” the tax credit so that borrowers can use the funds toward their down payments and closing costs for the purchase of homes with FHA-insured mortgage loans.
“This is great news for thousands of families who want to take advantage of today’s low interest rates, competitive prices, great selection and the federal tax credit that is only available until Nov. 30, but could not save enough money for a down payment and closing costs,” said National Association of Home Builders Chairman Joe Robson, a home builder from Tulsa, Okla.
HUD also announced that FHA-approved lenders may purchase the tax credit from the home buyer in advance, so that the home buyer can use the funds for closing costs or to make a down payment in addition to the 3.5% minimum. Home buyers who go directly to FHA-approved lenders will still need to come up with the 3.5% minimum down payment that is required for an FHA-insured loan.
Home buyers previously would be able to use the funds from the tax credit only after filing their federal tax returns and had to come up with the pre-purchase costs on their own.
NAHB estimates that 40,000 more homes will be purchased due to the new FHA monetization program, in addition to the 160,000 sales already expected as a result of the tax credit.
The National Council of State Housing Agencies has a list of states offering first time home buyer tax credit loan programs on their website, www.ncsha.org.
For information on the $8,000 first-time home buyer tax credit, go to www.federalhousingtaxcredit.com.
California and other Sunbelt States Likely to Rebound First in Real Estate Downturn
Posted by Chas W. Leeper, SRA in Help for Buyers, Sellers & Homeowners, Help for Realtors / Brokers on June 11th, 2009
PHOENIX - (Business Wire) In light of the radical changes recently in the Real Estate market over the past two years, America’s entrepreneurs find opportunity to turn market crisis to their advantage.
Businesses of every type are seeking to maximize ways to benefit from opportunities created from chaos. Everything from loan modifications to buying foreclosed homes, capitalists are playing their roles to help stimulate the American economy and at the same time justify America as the “land of opportunity.”
Troy Bohlke, CEO of Niche Focus Group, an Advertising firm that specializes in developing Real Estate funding packages to attract investors’ states, “I am amazed with the positive attitudes of these aggressive capitalists. They see treasures when the media and everyone else seem to see only “doom and gloom.” It is inspiring. At first, I thought they were either crazy or knew something that I didn’t”. When the market is at it’s bottom is when the best real estate buys are made.” Our clients make their profits when they “buy.” So liquidity and timing is the key for them; that’s why they are so positive.
The Current Situation
According to the Metropolitan Foreclosure Market Report for Q1 of 2009, California, Florida, Nevada and Arizona accounted for the 26 highest foreclosure rates among metro areas with a population of 200,000 or more. “The metro areas with the highest levels of foreclosure activity in the first quarter of 2009 paint a picture of concentrated problems in a relatively small number of hard hit areas,” said James J. Saccacio, chief executive officer of RealtyTrac, a California based company that tracks foreclosure filings.
For example, one in every 43 Nevada households received a foreclosure filing during the second quarter, the highest foreclosure rate among the states and nearly four times the national average. Foreclosure filings were reported on 24,657 Nevada properties during the quarter, up 26 percent from the previous quarter and up 147 percent from the first quarter of 2007.
Foreclosure filings were reported on 202,599 California properties during the second quarter, the highest total among the states and a rate of one in every 65 households — the nation’s second highest state foreclosure rate. Foreclosure activity in California increased 19 percent from the previous quarter and was nearly three times the level reported in the second quarter of 2007.
With one in every 70 households receiving a foreclosure filing, Arizona posted the nation’s third highest state foreclosure rate in the second quarter. Foreclosure filings were reported on 37,230 Arizona properties during the quarter, up nearly 36 percent from the previous quarter and close to four times the number reported in the second quarter of 2007.
Turning Negatives-Positives
Despite these staggering statistics, Bohlke and his team at Niche Focus Group are convinced that the Sunbelt states, although the hardest hit, are also the most likely to bounce back the fastest. As credit terms loosen up, new tax incentives become available and the market corrects itself home buying increases.
“Sales activity appears to be increasing in some of the hardest hit markets as home prices have fallen to levels that are attractive to first-time homebuyers and investors,” Stated Saccacio of Realtytrac. 45% of the transactions were distressed sales, foreclosures and short sales, which lead to the decline in the median price. However, these price drops lead to the largest gain in sales volume for the fourth quarter particularly in the Sunbelt states; Nevada, up 133.7 percent, followed by California, rose 84.7 percent, Arizona, up 42.6 percent and Florida with a 12.5 percent increase.
It appears that Real Estate has hit its bottom or at the very least it is close. “Our logic tells us that if you purchase real estate at its bottom, it has a very high likelihood of going up. Where else can it go?” People have to live somewhere, right? stated Bohlke.
Bohlke states that in adapting to these trends, that they have been packaging offerings for Real Estate Funds both big and small. “We find that the hottest target seems to be foreclosed single family homes. There is a plethora of high quality properties available at unheard of low prices. Since Real Estate is a tangible asset, many people are now looking to move their money out of the volatile stock market and into tangibles like gold and real estate until the market stabilizes.” That’s good for Niche Focus Group”
Even billionaire real estate mogul, Donald Trump agrees that this is the best time to buy. “It’s an amazing time to buy,” Trump said. “This is the best time I have ever seen to buy both real estate and probably other things. This is one of the great opportunities.”
Niche Focus Group
Troy Bohlke, 602-463-3124
Managing Director
troy@nichefocusgroup.com
Higher Mortgage Rates Curbing Housing Recovery
Posted by Chas W. Leeper, SRA in Help for Buyers, Sellers & Homeowners, Help for Realtors / Brokers on June 10th, 2009
Mortgage rates once again surged upwards, hurting prospects for a quick recovery in the housing market. This morning the Mortgage Bankers Association’s Loan Application survey said demand for loans in the first week of June fell 7.2% compared to the previous week, as the average rate for a 30-year mortgage shot up 32 basis points to 5.57%.
This is only the second consecutive week that average rates have exceeded 5.00%, but already they are at their highest level since November.
“Since bottoming at around 4.61% in March, lending rates have trended higher and, over the past few weeks, have cooled refinancing activity, although new purchases are still rising,” said economist Jennifer Lee from BMO Capital Markets.
With mortgage rates at historic lows in recent months, demand for homes had been increasing and many analysts said there were signs of stabilization in the housing market. Rising interest rates, however, will encourage potential buyers to remain on the sidelines.
Last week, Christina Romer, chairman of the White House’s Council of Economic Advisors, voiced some concern about the upward trend in rates.
“The refinancing boom that we’ve had in the last 3-4 months has been very good for consumers,” she said. “It’s really kind of acted like a tax cut when you have your mortgage payment go down, so obviously we’d be happier if mortgage rates were lower and we’re just going to have to see, again, sort of how all of this plays out.”
The MBA survey also said its Refinance Index fell 11.8% in the week, while the Purchase Index was able to advance 1.1%. Demand for refinance loans has been falling rapidly recently, accounting for just 59.4% of all applications last week ? the lowest share of activity since November. In the prior week, 62.4% of all loans were refinance-related.
Thanks to mortgagenewsdaily.com
Mortgage Rates Rise for Second Straight Week
Posted by Chas W. Leeper, SRA in Help for Buyers, Sellers & Homeowners, Help for Realtors / Brokers on June 10th, 2009
RISMEDIA, June 10, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages (www.zillow.com) increased last week to 5.48%, up from 5.25% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate website Zillow.com(R). Meanwhile, rates for 15-year fixed mortgages rose to 4.95% from 4.78%, and 5-1 adjustable rate mortgages rose to 4.62% from 4.48% the week prior.
Mortgage Type Average Rate Average Rate
Week ending 6/7/09 Week ending 5/31/09 % Change
30-year fixed 5.48% 5.25% 4.4%
15-year fixed 4.95% 4.78% 3.6%
5-1 ARM 4.62% 4.48% 3.1%
On Monday, rates for 30-year fixed purchase mortgages rose further, with the average rate on Zillow Mortgage Marketplace at 5.62%. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.
Thirty-year fixed mortgage rates varied by state. Georgia mortgage rates and Missouri mortgage rates increased the most, from 5.15% to 5.48% in Georgia and from 5.25% to 5.53% in Missouri. New York mortgage rates and Massachusetts mortgage rates were the highest, at 5.56% and 5.55%, respectively. Florida mortgage rates were the lowest, at 5.44%. California mortgage rates were the most requested among all states.
State Average 30-yr . Average 30-yr.
Fixed Rate Fixed Rate
Week ending 6/7/09 Week ending 5/31/09 % Change
Arizona 5.47% 5.25% 4.2%
California 5.45% 5.24% 4.0%
Colorado 5.48% 5.23% 4.8%
Connecticut 5.50% 5.26% 4.6%
Florida 5.44% 5.19% 4.8%
Georgia 5.48% 5.15% 6.4%
Illinois 5.53% 5.28% 4.7%
Maryland 5.52% 5.35% 3.2%
Massachusetts 5.55% 5.30% 4.7%
Michigan 5.48% 5.21% 5.2%
Minnesota 5.51% 5.28% 4.4%
Missouri 5.53% 5.25% 5.3%
New Jersey 5.45% 5.24% 4.0%
New York 5.56% 5.29% 5.1%
North Carolina 5.52% 5.27% 4.7%
Oregon 5.50% 5.27% 4.4%
Pennsylvania 5.45% 5.26% 3.6%
Texas 5.45% 5.25% 3.8%
Virginia 5.48% 5.23% 4.8%
Washington 5.45% 5.24% 4.0%
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.