Mortgage Rates Down Again after Rising above 5.00% Last Week

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RISMEDIA, Dec. 31, 2008-Mortgage rates increased slightly last week for the first time since early November. The weekly average rates for 30-year fixed mortgages increased to 5.07%, up from 4.96% 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 decreased to 4.86%, down from 4.91% and 5-1 adjustable rate mortgages increased very slightly to 5.56% from 5.55%.

However, rates for 30-year fixed mortgages dropped below 5.00% again on Monday evening with the average rate on Zillow Mortgage Marketplace at 4.92%.

At a state level, the 30-year fixed mortgage rate in Illinois had the biggest increase, rising from 5.07% to 5.28%. Rates on 30-year fixed mortgages were lowest in the states of Georgia (4.92%) and Arizona (4.95%), while Illinois (5.28%) and Virginia (5.18%) had the highest rates.

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.

The company says the 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 www.zillow.com/mortgage.

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