Low Rates Drive Refinance Requests on Zillow Mortgage Marketplace, According to Zillow® Mortgage Rate Monitor

SEATTLE, Jan. 20 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow for thirty-year mortgages rose slightly last week to 4.96 percent, up from 4.92 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Meanwhile, rates for 15-year fixed mortgages increased to 4.72 percent, up from 4.58 percent and 5-1 adjustable rate mortgages decreased to 5.22 percent from 5.35 percent.

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    Mortgage Type          Average Rate            Average Rate     % Change
                        Week ending 1/18/09     Week ending 1/11/09
    30-year fixed              4.96%                   4.92%             0.9%
    15-year fixed              4.72%                   4.58%             3.0%
    5-1 ARM                    5.22%                   5.35%            -2.5%

Rates for 30-year fixed purchase mortgages rose slightly on Monday evening, with the average rate on Zillow Mortgage Marketplace at 5.01 percent.

At a state level, the 30-year fixed mortgage rate in Michigan was the only rate decrease recorded, dropping from 5.05 percent to 5.00 percent. Rates on 30-year fixed mortgages were lowest in the states of Oregon (4.87%) and Florida (4.88%), while Colorado (5.06%) and Tennessee (5.06%) had the highest rates.

    State        Average 30-yr. Fixed     Average 30-yr. Fixed     % Change
                   Rate Week ending         Rate Week ending
                       1/18/09                  1/11/09
    Arizona             4.93%                    4.80%                  2.7%
    California          4.95%                    4.92%                  0.8%
    Colorado            5.06%                    4.95%                  2.2%
    Connecticut         5.00%                    4.96%                  0.6%
    Florida             4.88%                    4.85%                  0.6%
    Georgia             4.90%                    4.81%                  1.8%
    Illinois            5.00%                    4.97%                  0.6%
    Maryland            5.00%                    4.99%                  0.2%
    Massachusetts       5.03%                    4.93%                  2.0%
    Michigan            5.00%                    5.05%                 -0.8%
    Missouri            5.03%                    4.94%                  1.7%
    New Jersey          4.89%                    4.88%                  0.2%
    New York            4.97%                    4.95%                  0.5%
    North Carolina      4.97%                    4.92%                  0.9%
    Oregon              4.87%                    4.85%                  0.3%
    Pennsylvania        4.90%                    4.85%                  1.1%
    Tennessee           5.06%                    4.98%                  1.7%
    Texas               4.98%                    4.84%                  2.8%
    Virginia            5.05%                    4.93%                  2.5%
    Washington          4.92%                    4.90%                  0.3%

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.

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 a choice of 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/