Mortgage Rates Drop to Lowest Level This Year

30-Year Rate Now at 5.32%, According to Zillow(R) Mortgage Rate Monitor

SEATTLE, Dec. 2 /PRNewswire/ — Mortgage rates fell dramatically last week, due to the government’s decision to purchase mortgage-backed securities. Rates for 30-year fixed mortgages declined to 5.53 percent, down from 5.92 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com(R). Rates for 15-year fixed mortgages decreased to 5.34 percent, down from 5.69 percent and 5-1 adjustable rate mortgages rose to 6.01 percent from 5.87 percent.

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    Mortgage Type      Average Rate             Average Rate        % Change
                    Week ending 11/30/08     Week ending 11/23/08
    30-year fixed          5.53%                    5.92%              -6.5%
    15-year fixed          5.34%                    5.69%              -6.1%
    5-1 ARM                6.01%                    5.87%               2.4%

Rates for 30-year fixed mortgages fell even further on Monday evening with the average rate on Zillow Mortgage Marketplace at 5.32 percent.

At a state level, the 30-year fixed mortgage rate in New York saw the biggest decrease, falling from 5.96 percent to 5.48 percent. Rates on 30-year fixed mortgages were lowest in the states of Georgia (5.41%) and Washington (5.46%), while Arizona (5.62%) and North Carolina (5.62%) had the highest rates.

    State          Average 30-yr. Fixed   Average 30-yr. Fixed
                            Rate                   Rate             % Change
                   Week ending 11/30/08   Week ending 11/23/08
    Arizona               5.62%                  5.92%                 -5.1%
    California            5.55%                  5.94%                 -6.6%
    Colorado              5.53%                  5.85%                 -5.5%
    Connecticut           5.55%                  5.95%                 -6.7%
    Florida               5.54%                  5.90%                 -6.2%
    Georgia               5.41%                  5.81%                 -6.9%
    Illinois              5.54%                  5.92%                 -6.4%
    Maryland              5.58%                  5.91%                 -5.6%
    Massachusetts         5.53%                  5.98%                 -7.5%
    Michigan              5.56%                  5.97%                 -6.8%
    Missouri              5.58%                  5.93%                 -5.9%
    New Jersey            5.55%                  5.96%                 -6.9%
    New York              5.48%                  5.96%                 -8.1%
    North Carolina        5.62%                  6.07%                 -7.4%
    Oregon                5.50%                  5.79%                 -5.0%
    Pennsylvania          5.51%                  5.88%                 -6.3%
    South Carolina        5.50%                  5.93%                 -7.3%
    Texas                 5.52%                  5.82%                 -5.1%
    Virginia              5.59%                  5.93%                 -5.7%
    Washington            5.46%                  5.87%                 -7.0%

The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates quoted on Zillow Mortgage Marketplace (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, as well as choices of mortgage calculator, please visit www.zillow.com/mortgage.

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 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.

Zillow.com and Zillow are registered trademarks of Zillow, Inc.

SOURCE Zillow.com