Mortgage Rates Remain Flat Despite Drama on Wall Street
Arizona, Maryland See Biggest Changes, According to Zillow® Mortgage Rate Monitor
SEATTLE, Sept. 23 /PRNewswire/ -- Mortgage rates have remained relatively flat over the past week, with rates for 30-year fixed mortgages increasing slightly to 5.78 percent, up from 5.77 percent the week prior according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Mortgage rates for 15-year fixed and 5-1 adjustable rate mortgages have remained steady at 5.42% and 5.47 percent, respectively.
Average Rate Average Rate Mortgage Type Week ending 9/21/08 Week ending 9/14/08 % Change 30-year fixed 5.78% 5.77% 0.2% 15-year fixed 5.42% 5.42% 0.0% 5-1 ARM 5.47% 5.48% -0.2%
At a state level, the 30-year fixed rate mortgage rate in Arizona saw the most significant drop from 5.76 percent to 5.69 percent, while in Maryland the 30-year fixed mortgage rate increased from 5.81 percent to 5.91 percent. Rates on 30-year fixed mortgages were lowest in the states of Colorado (5.68%) and Arizona (5.69%), while New York (5.93%) and Maryland (5.91%) had the highest rates.
Average 30-yr. Average 30-yr. Fixed Rate Fixed Rate State Week ending 9/21/08 Week ending 9/14/08 % Change Arizona 5.69% 5.76% -1.2% California 5.76% 5.77% -0.2% Colorado 5.68% 5.70% -0.4% Connecticut 5.88% 5.82% 1.0% Florida 5.79% 5.81% -0.3% Georgia 5.71% 5.74% -0.5% Illinois 5.80% 5.80% 0.0% Maryland 5.91% 5.81% 1.7% Massachusetts 5.84% 5.83% 0.2% Michigan 5.84% 5.85% -0.2% New Jersey 5.81% 5.77% 0.7% New York 5.93% 5.88% 0.9% North Carolina 5.76% 5.74% 0.3% Ohio 5.76% 5.77% -0.2% Oregon 5.72% 5.72% 0.0% Pennsylvania 5.84% 5.79% 0.9% Tennessee 5.80% 5.78% 0.3% Texas 5.75% 5.75% 0.0% Virginia 5.79% 5.78% 0.2% Washington 5.72% 5.74% -0.3%
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, please visit http://www.zillow.com/mortgage.
About Zillow Mortgage Marketplace
Zillow Mortgage Marketplace is an online mortgage resource providing borrowers with direct access to an unlimited number of personalized and anonymous 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.
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