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Worst Week in Stock Market Doesn’t Affect Mortgage Rates Nationwide

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RISMEDIA, Oct. 16, 2008-Mortgage rates remained steady over the past week, with rates for 30-year fixed mortgages decreasing slightly to 5.95%, down from 5.97% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com(R). Mortgage rates for 15-year fixed rose slightly to 5.65% from 5.63%, and 5-1 adjustable rate mortgages fell to 5.68% from 5.75%.

Mortgage Type  Avg. Rate Week Ending 10/12/08  Avg. Rate Week Ending 10/5/08  % Change 
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% to 6.02%. North Carolina’s rates fell the furthest, decreasing to 5.79% from 5.98%. 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%

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

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