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Stock Market Volatility and Loosening Credit Push Mortgage Rates Down

Rates Back Down After Previous Week Saw Highest Rates Since Fannie/Freddie Bailout, According to Zillow® Mortgage Rate Monitor

Oct 28, 2008

SEATTLE, Oct. 28 /PRNewswire/ -- Mortgage rates dropped last week, with rates for 30-year fixed mortgages falling to 6.00 percent, down from 6.36 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site®. Mortgage rates for 15-year fixed fell to 5.64 percent, down from 6.00 percent and 5-1 adjustable rate mortgages declined slightly to 5.64 percent from 5.69 percent.


    Mortgage Type     Average Rate             Average Rate        % Change
                  Week ending 10/26/08     Week ending 10/19/08
  30-year fixed           6.00%                    6.36%              -5.6%
  15-year fixed           5.64%                    6.00%              -6.0%
  5-1 ARM                 5.64%                    5.69%              -0.9%

Rates for 30-year fixed mortgages appeared to be rising again on Monday evening, however, with the average rate on Zillow Mortgage Marketplace at 6.20 percent.

At a state level, the 30-year fixed mortgage rate in North Carolina saw the most significant drop from 6.38 percent to 5.95 percent. Rates on 30-year fixed mortgages were lowest in the states of Colorado (5.89%) and Georgia (5.93%), while Maryland (6.20%) and New York (6.06%) had the highest rates.

        State     Average 30-yr. Fixed   Average 30-yr. Fixed
                          Rate                   Rate             % Change
                  Week ending 10/26/08   Week ending 10/19/08
  Arizona                 6.02%                  6.41%               -6.1%
  California              5.99%                  6.37%               -6.0%
  Colorado                5.89%                  6.24%               -5.6%
  Florida                 6.02%                  6.32%               -4.8%
  Georgia                 5.93%                  6.29%               -5.7%
  Illinois                6.04%                  6.43%               -6.0%
  Maryland                6.20%                  6.45%               -3.8%
  Massachusetts           6.05%                  6.43%               -5.9%
  Michigan                6.03%                  6.44%               -6.4%
  Missouri                5.99%                  6.39%               -6.3%
  New Jersey              6.02%                  6.31%               -4.6%
  New York                6.06%                  6.40%               -5.4%
  North Carolina          5.95%                  6.38%               -6.8%
  Ohio                    5.99%                  6.35%               -5.7%
  Oregon                  5.98%                  6.25%               -4.3%
  Pennsylvania            6.05%                  6.38%               -5.2%
  Tennessee               6.02%                  6.45%               -6.6%
  Texas                   6.02%                  6.32%               -4.8%
  Virginia                5.99%                  6.36%               -5.8%
  Washington              5.95%                  6.27%               -5.1%

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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SOURCE: Zillow, Inc.

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