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

SEATTLE, Feb. 24 /PRNewswire/ -- Although President Obama announced a sweeping Homeowner Affordability and Stability Plan, the weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgages remained steady last week at 5.25 percent, up slightly from 5.23 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 dropped to 4.86 percent, down from 4.93 percent and 5-1 adjustable rate mortgages also dropped, down to 5.07 percent from 5.19 percent the week prior.

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    Mortgage Type       Average Rate        Average Rate
                    Week ending 2/22/09  Week ending 2/15/09    % Change
    30-year fixed           5.25%                5.23%            0.4%
    15-year fixed           4.86%                4.93%           -1.3%
    5-1 ARM                 5.07%                5.19%           -2.4%

Rates for 30-year fixed purchase mortgages had fallen on Monday evening, with the average rate on Zillow Mortgage Marketplace at 5.14 percent. For the most current up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/ .

Thirty-year fixed mortgage rates varied by state. New York mortgage rates and Ohio mortgage rates decreased the most, dropping from 5.31 percent to 5.11 percent and from 5.48 percent to 5.26 percent, respectively. Florida mortgage rates (5.04%) and Pennsylvania mortgage rates (5.04%) were the lowest in the country while Tennessee mortgage rates (5.34%) were the highest. California mortgage rates were the most requested among all states.

    State            Average 30-yr. Fixed   Average 30-yr. Fixed
                            Rate                   Rate
                     Week ending 2/22/09    Week ending 2/15/09    % Change
    Arizona                 5.09%                  5.24%            -2.9%
    California              5.07%                  5.20%            -2.4%
    Colorado                5.23%                  5.28%            -0.9%
    Connecticut             5.20%                  5.20%             0.0%
    Florida                 5.04%                  5.19%            -2.8%
    Georgia                 5.06%                  5.14%            -1.7%
    Illinois                5.25%                  5.36%            -1.9%
    Maryland                5.29%                  5.33%            -0.8%
    Massachusetts           5.29%                  5.31%            -0.3%
    Michigan                5.29%                  5.27%             0.3%
    Minnesota               5.17%                  5.23%            -1.2%
    New Jersey              5.06%                  5.21%            -2.8%
    New York                5.11%                  5.31%            -3.8%
    North Carolina          5.14%                  5.26%            -2.2%
    Ohio                    5.26%                  5.48%            -3.0%
    Pennsylvania            5.04%                  5.18%            -2.7%
    Tennessee               5.34%                  5.33%             0.3%
    Texas                   5.22%                  5.27%            -1.0%
    Virginia                5.23%                  5.21%             0.5%
    Washington              5.08%                  5.15%            -1.3%

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/