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Mortgage Rates Take Off After Volatile Week in Stock Market; Rates in Some States Increase by 10%

Rates Consistently Over 6% for First Time Since Fannie/Freddie Bailout, According to Zillow® Mortgage Rate Monitor

Oct 21, 2008

SEATTLE, Oct. 21 /PRNewswire/ -- Mortgage rates surged last week, with rates for 30-year fixed mortgages increasing to 6.36 percent, up from 5.95 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 to 6 percent, up from 5.65 percent and 5-1 adjustable rate mortgages increased to 5.69 percent from 5.68 percent.


    Mortgage Type     Average Rate          Average Rate       % Change
                  Week ending 10/19/08  Week ending 10/12/08
  30-year fixed           6.36%                 5.95%             6.9%
  15-year fixed           6.00%                 5.65%             6.1%
  5-1 ARM                 5.69%                 5.68%             0.1%

Rates for 30-year fixed mortgages appeared to be dipping again on Monday evening, however, with the average rate on Zillow Mortgage Marketplace at 5.97 percent.

At a state level, the 30-year fixed mortgage rate in North Carolina saw the most significant increase from 5.79 percent to 6.38 percent. Rates on 30-year fixed mortgages were lowest in the states of Colorado (6.24%) and Oregon (6.25%), while Connecticut (6.49%) and Maryland (6.45%) had the highest rates.

    State       Average 30-yr.         Average 30-yr.
                  Fixed Rate             Fixed Rate
             Week ending 10/19/08   Week ending 10/12/08       % Change
  Arizona           6.41%                  6.02%                  6.6%
  California        6.37%                  5.97%                  6.7%
  Colorado          6.24%                  5.92%                  5.4%
  Connecticut       6.49%                  5.94%                  9.3%
  Florida           6.32%                  5.92%                  6.6%
  Georgia           6.29%                  5.83%                  7.8%
  Illinois          6.43%                  5.96%                  7.8%
  Maryland          6.45%                  6.05%                  6.6%
  Massachusetts     6.43%                  6.05%                  6.4%
  Michigan          6.44%                  5.85%                 10.0%
  Missouri          6.39%                  5.93%                  7.6%
  New Jersey        6.31%                  5.93%                  6.4%
  New York          6.40%                  6.01%                  6.5%
  North Carolina    6.38%                  5.79%                 10.2%
  Ohio              6.35%                  5.95%                  6.6%
  Oregon            6.25%                  5.82%                  7.3%
  Pennsylvania      6.38%                  5.98%                  6.7%
  Texas             6.32%                  5.91%                  6.9%
  Virginia          6.36%                  6.03%                  5.5%
  Washington        6.27%                  5.90%                  6.4%

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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