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Worst Week in Stock Market Doesn't Affect Mortgage Rates Nationwide; State-by-State, Rates See Bigger Swings

Some States See 3% Drops, Others See Gains, According to Zillow® Mortgage Rate Monitor

Oct 14, 2008

SEATTLE, Oct. 14 /PRNewswire/ -- Mortgage rates remained steady over the past week, with rates for 30-year fixed mortgages decreasing slightly to 5.95 percent, down from 5.97 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site®. Mortgage rates for 15-year fixed rose slightly to 5.65 percent from 5.63 percent, and 5-1 adjustable rate mortgages fell to 5.68 percent from 5.75 percent.


    Mortgage Type     Average Rate           Average Rate      % Change
                  Week ending 10/12/08   Week ending 10/5/08
  30-year fixed             5.95                  5.97          -0.4%
  15-year fixed             5.65                  5.63           0.5%
  5-1 ARM                   5.68                  5.75          -1.1%

At a state level, the 30-year fixed rate mortgage rate in Arizona saw the most significant increase from 5.94 percent to 6.02 percent. North Carolina's rates fell the furthest, decreasing to 5.79 percent from 5.98 percent. Rates on 30-year fixed mortgages were lowest in the states of Georgia (5.83%) and Oregon (5.82%), while Maryland (6.05%) and Massachusetts (6.05%) had the highest rates.

        State        Average 30-yr.         Average 30-yr.
                      Fixed Rate              Fixed Rate         % Change
                  Week ending 10/12/08   Week ending 10/5/08
  Arizona                   6.02                  5.94           1.4%
  California                5.97                  5.94           0.5%
  Colorado                  5.92                  5.92           0.0%
  Connecticut               5.94                  6.08          -2.3%
  Florida                   5.92                  6.00          -1.2%
  Georgia                   5.83                  5.88          -0.9%
  Illinois                  5.96                  5.99          -0.5%
  Maryland                  6.05                  6.02           0.5%
  Massachusetts             6.05                  6.02           0.4%
  Michigan                  5.85                  5.96          -1.8%
  Missouri                  5.93                  5.95          -0.3%
  New Jersey                5.93                  5.99          -1.1%
  New York                  6.01                  6.10          -1.5%
  North Carolina            5.79                  5.98          -3.2%
  Ohio                      5.95                  5.98          -0.4%
  Oregon                    5.82                  5.93          -1.9%
  Pennsylvania              5.98                  6.00          -0.3%
  Texas                     5.91                  5.94          -0.4%
  Virginia                  6.03                  5.99           0.7%
  Washington                5.90                  6.00          -1.7%

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.

For more detailed rate charts and data, as well as choices of mortgage calculator, please visit

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 mortgage calculators, rate tables, and informational resources on obtaining a home loan. In April 2008, Zillow Mortgage Marketplace launched in affiliation with, 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. and Zillow are registered trademarks of Zillow, Inc.

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