The weekly average rate borrowers were quoted for 30-year fixed mortgages decreased last week to 5.17%, down from 5.19% the week prior. Rates for 15-year fixed mortgages fell to 4.57% from 4.59%, and 5-1 adjustable rate mortgages remained flat at 4.17%.
Rates for 30-year fixed purchase mortgages decreased further, with the average rate at 5.04%. Thirty-year fixed mortgage rates varied by state.
Maryland mortgage rates and Florida mortgage rates decreased the most, from 5.33% to 5.24% in Maryland and from 5.17% to 5.12% in Florida. Illinois mortgage rates (5.32%), Michigan mortgage rates (5.28%), New York mortgage rates (5.28%) and Ohio mortgage rates (5.28%) were the highest in the country, while Georgia mortgage rates (5.11%), Florida mortgage rates (5. 12%) and California mortgage rates (5.12%) were the lowest.