Mortgage Rate Volatility Tapers Off: Rates Stay Relatively Stable During Latter Part of Last Week

Rates Hover Around 6 Percent, According to Zillow(R) Mortgage Rate Monitor

Mortgage rates declined last week, with rates for 30-year fixed mortgages falling to 6.09 percent, down from 6.26 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com(R). Rates for 15-year fixed mortgages fell to 5.73 percent, down from 6.01 percent and 5-1 adjustable rate mortgages rose to 5.87 percent from 5.81 percent.

Average Rate Average Rate
Week ending Week ending
Mortgage Type 11/9/08 11/2/08 % Change
30-year fixed 6.09% 6.26% -2.6%
15-year fixed 5.73% 6.01% -4.6%
5-1 ARM 5.87% 5.81% 1.0%

Rates for 30-year fixed mortgages appeared to be down slightly on Monday evening with the average rate on Zillow Mortgage Marketplace at 6.00 percent.

At a state level, the 30-year fixed mortgage rate in Michigan saw the biggest decrease, falling from 6.48 percent to 6.04 percent. Rates on 30-year fixed mortgages were lowest in the states of Tennessee (5.96%) and Texas (5.99%), while Pennsylvania (6.21%) and Connecticut (6.18%) had the highest rates.

Average 30-yr. Average 30-yr.
Fixed Rate Fixed Rate
Week ending Week ending
State 11/9/08 11/2/08 % Change
Arizona 6.13% 6.22% -1.3%
California 6.11% 6.26% -2.3%
Colorado 6.10% 6.16% -0.8%
Connecticut 6.18% 6.24% -1.0%
Florida 6.08% 6.20% -1.8%
Georgia 6.01% 6.14% -2.0%
Illinois 6.01% 6.32% -5.0%
Maryland 6.05% 6.28% -3.6%
Massachusetts 6.15% 6.40% -4.0%
Michigan 6.04% 6.48% -6.8%
Nevada 6.13% 5.78% 6.2%
New Jersey 6.10% 6.22% -2.0%
New York 6.16% 6.34% -2.8%
North Carolina 6.04% 6.32% -4.4%
Ohio 6.09% 6.32% -3.8%
Oregon 6.01% 6.12% -1.8%
Pennsylvania 6.21% 6.33% -1.9%
Tennessee 5.96% 6.25% -4.5%
Texas 5.99% 6.33% -5.4%
Virginia 6.02% 6.22% -3.1%

The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates quoted on Zillow Mortgage Marketplace (www.zillow.com/mortgage) 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.

Zillow Mortgage Marketplace is an open and transparent lending marketplace, providing borrowers an anonymous and hassle-free way to receive an unlimited number of customized mortgage quotes directly from confirmed lenders.

For more detailed rate charts and data, as well as choices of mortgage calculator, please visit www.zillow.com/mortgage.

About Zillow Mortgage Marketplace

Zillow Mortgage Marketplace is an online mortgage resource allowing borrowers to anonymously request an unlimited number of personalized loan quotes from confirmed mortgage professionals, for free. Zillow Mortgage Marketplace educates borrowers with tools such as mortgage calculators, rate tables, and informational resources on obtaining a home loan. In April 2008, Zillow Mortgage Marketplace launched in affiliation with Zillow.com, one of the most visited U.S. real estate Web sites. Zillow's goal is to help people become smarter about real estate in every stage of the home ownership process -- buying, selling, remodeling and financing. The company is headquartered in Seattle and has raised $87 million in funding.

Zillow.com and Zillow are registered trademarks of Zillow, Inc.

Source: Zillow.com

CONTACT: Katie Curnutte of Zillow.com, +1-206-757-2785, press@zillow.com

Web Site: http://www.zillow.com/