Rates Fall Again on Tuesday, According to Zillow® Mortgage Rate Monitor

SEATTLE, May 26 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased last week to 5.02 percent, up from 5.00 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 also dropped to 4.60 percent from 4.63 percent, and 5-1 adjustable rate mortgages rose to 4.27 percent from 4.21 percent the week prior.

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      Mortgage Type           Average Rate        Average Rate       % Change
                          Week ending 5/24/09  Week ending 5/17/09
    30-year fixed                  5.02%                5.00%          0.4%
    15-year fixed                  4.60%                4.63%         -0.6%
    5-1 ARM                        4.27%                4.21%          1.4%

On Tuesday, rates for 30-year fixed purchase mortgages fell below 5.00 percent, with the average rate on Zillow Mortgage Marketplace at 4.99 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

Thirty-year fixed mortgage rates varied by state. Connecticut mortgage rates and Michigan mortgage rates decreased the most, down from 5.04 percent to 4.99 and from 5.06 percent to 5.01 percent, respectively. Georgia mortgage rates (4.93%) and Virginia mortgage rates (4.96%) were the lowest in the country, while Massachusetts mortgage rates (5.11%) were the highest. California mortgage rates were the most requested among all states.

    State                     Average 30-yr.        Average 30-yr.   % Change
                                Fixed Rate            Fixed Rate
                            Week ending 5/24/09    Week ending 5/17/09
    Arizona                         5.04%                  5.02%         0.4%
    California                      5.00%                  4.96%         0.8%
    Colorado                        5.02%                  4.99%         0.6%
    Connecticut                     4.99%                  5.04%        -1.0%
    Florida                         4.97%                  4.94%         0.6%
    Georgia                         4.93%                  4.91%         0.4%
    Illinois                        5.08%                  5.07%         0.2%
    Maryland                        5.09%                  5.06%         0.6%
    Massachusetts                   5.11%                  5.07%         0.8%
    Michigan                        5.01%                  5.06%        -1.0%
    Minnesota                       5.02%                  5.03%        -0.2%
    New Jersey                      5.02%                  5.02%         0.0%
    New York                        5.05%                  5.05%         0.0%
    North Carolina                  5.07%                  5.07%         0.0%
    Oregon                          5.03%                  5.02%         0.2%
    Pennsylvania                    4.99%                  5.00%        -0.2%
    Texas                           5.02%                  5.02%         0.0%
    Virginia                        4.96%                  4.95%         0.2%
    Washington                      4.98%                  4.95%         0.6%
    Wisconsin                       5.08%                  4.95%        -0.2%

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. Learn more about our rates.

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/