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Historic Low Mortgage Rates Continue; Many States' 30-year Fixed Mortgage Rates Fall Below 5.00 Percent

Dec 23, 2008

30-Year Rate Now at 5.11 Percent, According to Zillow® Mortgage Rate Monitor

 

SEATTLE, Dec. 23 /PRNewswire/ -- Mortgage rates remained low last week and many states saw sub-5.00 percent rates for the first time in recent history. The weekly average rates for 30-year fixed mortgages declined to 4.96 percent, down from 5.15 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Rates for 15-year fixed mortgages decreased to 4.91 percent, down from 5.00 percent and 5-1 adjustable rate mortgages decreased significantly to 5.54 percent from 5.94 percent.

 

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      Mortgage Type     Average Rate          Average Rate         % Change
                    Week ending 12/21/08  Week ending 12/14/08
    30-year fixed                   4.96%                  5.15%      -3.7%
    15-year fixed                   4.91%                  5.00%      -1.8%
    5-1 ARM                         5.54%                  5.94%      -6.7%



 

Rates for 30-year fixed mortgages remained fairly steady on Monday evening with the average rate on Zillow Mortgage Marketplace at 5.11 percent.

 

At a state level, the 30-year fixed mortgage rate in Arizona had the biggest decrease, falling from 5.22 percent to 4.40 percent. Rates on 30-year fixed mortgages were lowest in the states of Georgia (4.87%) and Texas (4.88%), while Illinois (5.07%), Maryland (5.05%) and New York (5.05%) had the highest rates.

 




        State   Average 30-yr. Fixed Rate  Average 30-yr. Fixed Rate
                  Week ending 12/14/08       Week ending 12/7/08     % Change
    Arizona                      4.90%                     5.22%        -6.0%
    California                   4.97%                     5.14%        -3.3%
    Colorado                     4.99%                     5.19%        -3.7%
    Connecticut                  4.98%                     5.15%        -3.4%
    Florida                      4.91%                     5.14%        -4.4%
    Georgia                      4.87%                     5.07%        -4.0%
    Illinois                     5.07%                     5.27%        -3.9%
    Maryland                     5.05%                     5.20%        -3.0%
    Massachusetts                4.98%                     5.14%        -3.1%
    Michigan                     4.93%                     5.16%        -4.5%
    New Jersey                   5.03%                     5.19%        -3.1%
    New York                     5.05%                     5.25%        -3.8%
    North Carolina               4.97%                     5.10%        -2.6%
    Ohio                         4.96%                     5.16%        -3.9%
    Oregon                       4.91%                     5.11%        -3.9%
    Pennsylvania                 4.90%                     5.16%        -5.0%
    Tennessee                    5.02%                     5.09%        -1.3%
    Texas                        4.88%                     5.11%        -4.4%
    Virginia                     5.01%                     5.17%        -3.1%
    Washington                   4.91%                     5.10%        -3.7%



 

The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates quoted on Zillow Mortgage Marketplace (http://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.

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SOURCE: Zillow.com

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


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