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Mortgage Rates on Rollercoaster Ride; Rise Again After Coming Down in Late October

Rates See-Saw From Week to Week, According to Zillow® Mortgage Rate Monitor

Nov 4, 2008

SEATTLE, Nov. 4 /PRNewswire/ -- Mortgage rates rose last week, with rates for 30-year fixed mortgages increasing to 6.26 percent, up from 6.00 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site®. Rates for 15-year fixed mortgages rose to 6.01 percent, up from 5.64 percent and 5-1 adjustable rate mortgages rose to 5.81 percent from 5.64 percent.


    Mortgage Type     Average Rate           Average Rate      % Change
                  Week ending 11/2/08   Week ending 10/26/08
  30-year fixed                6.26%                6.00%         4.2%
  15-year fixed                6.01%                5.64%         6.6%
  5-1 ARM                      5.81%                5.64%         3.1%

Rates for 30-year fixed mortgages appeared to be up slightly on Monday evening with the average rate on Zillow Mortgage Marketplace at 6.33 percent.

At a state level, the 30-year fixed mortgage rate in Michigan saw the biggest increase, rising from 6.03 percent to 6.48 percent. Rates on 30-year fixed mortgages were lowest in the states of Oregon (6.12%) and Georgia (6.14%), while Michigan (6.48%) and Massachusetts (6.40%) had the highest rates.

     State      Average 30-yr.         Average 30-yr.
                 Fixed Rate              Fixed Rate          % Change
             Week ending 11/2/08    Week ending 10/26/08
  Arizona                 6.22%                   6.02%        3.3%
  California              6.26%                   5.99%        4.5%
  Colorado                6.16%                   5.89%        4.5%
  Connecticut             6.24%                   5.98%        4.3%
  Florida                 6.20%                   6.02%        2.9%
  Georgia                 6.14%                   5.93%        3.5%
  Illinois                6.32%                   6.04%        4.6%
  Maryland                6.28%                   6.20%        1.2%
  Massachusetts           6.40%                   6.05%        5.8%
  Michigan                6.48%                   6.03%        7.5%
  Missouri                6.33%                   6.01%        5.3%
  New Jersey              6.22%                   6.02%        3.4%
  New York                6.34%                   6.06%        4.7%
  North Carolina          6.32%                   5.95%        6.2%
  Ohio                    6.32%                   5.99%        5.6%
  Oregon                  6.12%                   5.98%        2.4%
  Pennsylvania            6.33%                   6.05%        4.7%
  Texas                   6.33%                   6.02%        5.2%
  Virginia                6.22%                   5.99%        3.8%
  Washington              6.18%                   5.95%        3.9%

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.

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

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

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