Rates Drop off Again Monday, According to Zillow® Mortgage Rate Monitor

SEATTLE, Feb. 10 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgages rose last week to 5.44 percent, up from 5.25 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 5.15 percent, up from 4.96 percent and 5-1 adjustable rate mortgages stayed steady at 5.37 percent.

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    Mortgage Type            Average Rate          Average Rate      % Change
                           Week ending 2/08/09   Week ending 2/01/09
    30-year fixed                 5.44%                 5.25%           3.6%
    15-year fixed                 5.15%                 4.96%           3.8%
    5-1 ARM                       5.37%                 5.37%           0.0%

Rates for 30-year fixed purchase mortgages had fallen on Monday evening, with the average rate on Zillow Mortgage Marketplace at 5.27 percent.

At a state level, the 30-year fixed mortgage rate in New York had the biggest increase, rising from 5.31 percent to 5.60 percent. Rates on 30-year fixed mortgages were lowest in the states of Georgia (5.32%) and Pennsylvania (5.34%), while New York (5.60%) and Massachusetts (5.54%) had the highest rates.

    State          Average 30-yr.        Average 30-yr.     % Change
                     Fixed Rate           Fixed Rate
                 Week ending 2/08/09  Week ending 2/01/09
    Arizona            5.39%                 5.27%             2.2%
    California         5.48%                 5.27%             3.9%
    Colorado           5.46%                 5.25%             3.9%
    Connecticut        5.37%                 5.32%             0.8%
    Florida            5.36%                 5.18%             3.5%
    Georgia            5.32%                 5.11%             4.0%
    Illinois           5.50%                 5.35%             2.7%
    Maryland           5.43%                 5.25%             3.3%
    Massachusetts      5.54%                 5.40%             2.6%
    Michigan           5.46%                 5.21%             4.7%
    Missouri           5.51%                 5.29%             4.0%
    New Jersey         5.42%                 5.19%             4.6%
    New York           5.60%                 5.31%             5.3%
    North Carolina     5.40%                 5.23%             3.3%
    Ohio               5.52%                 5.27%             4.7%
    Oregon             5.37%                 5.21%             3.0%
    Pennsylvania       5.34%                 5.16%             3.6%
    Texas              5.43%                 5.26%             3.2%
    Virginia           5.38%                 5.26%             2.2%
    Washington         5.37%                 5.15%             4.3%

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.

About Zillow Mortgage Marketplace

Zillow Mortgage Marketplace is a free, open, and transparent lending marketplace, where borrowers connect with lenders to find loans and get the best mortgage rates. Borrowers anonymously submit loan requests and receive an unlimited number of custom mortgage quotes with real rates directly from thousands of competing lenders. Zillow Mortgage Marketplace also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories.

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

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SOURCE: Zillow.com

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