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Mortgage Rates Remain Flat Despite Drama on Wall Street

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RISMEDIA, Sept. 24, 2008-Mortgage rates have remained relatively flat over the past week, with rates for 30-year fixed mortgages increasing slightly to 5.78%, up from 5.77% the week prior according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com(R). Mortgage rates for 15-year fixed and 5-1 adjustable rate mortgages have remained steady at 5.42% and 5.47%, respectively.

Mortgage Type  Average Rate Week Ending 9/21/08  Average Rate 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% to 5.69%, while in Maryland the 30-year fixed mortgage rate increased from 5.81% to 5.91%. 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.

State  Average 30-year Fixed Rate Week Ending 9/21/08  Average 30-year Fixed Rate 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% 
Noth 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% 

According to the company, 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 information, visit http://www.zillow.com/mortgage.

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