Mortgage Rates on Rollercoaster Ride; Rise Again after Coming Down in Late October

RISMEDIA, Nov. 5, 2008-Mortgage rates rose last week, with rates for 30-year fixed mortgages increasing to 6.26%, up from 6.00% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate website Zillow.com(R). Rates for 15-year fixed mortgages rose to 6.01%, up from 5.64% and 5-1 adjustable rate mortgages rose to 5.81% from 5.64%.

Rates for 30-year fixed mortgages appeared to be up slightly on Monday evening with the average rate on Zillow Mortgage Marketplace at 6.33%.

At a state level, the 30-year fixed mortgage rate in Michigan saw the biggest increase, rising from 6.03% to 6.48%. Rates on 30-year fixed mortgages were lowest in the states of Oregon (6.12%) and Georgia (6.14%), while Michigan (6.48%) and Massachusetts (6.40%) had the highest rates.

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.

According to the company, 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.