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Mortgage Rates Hover Around 5.00%

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RISMEDIA, January 8, 2009-Thirty-year mortgage rates increased slightly last week for the second consecutive week. The weekly average rates for 30-year fixed mortgages increased to 5.10%, up from 5.07% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate website Zillow.com(R). Meanwhile, rates for 15-year fixed mortgages decreased to 4.79%, down from 4.86% and 5-1 adjustable rate mortgages increased slightly to 5.62% from 5.56%.

Mortgage Type Average Rate Average Rate % Change
Week ending 1/4/09 Week ending 12/22/08
30-year fixed 5.10% 5.07% 0.6%
15-year fixed 4.79% 4.86% -1.4%
5-1 ARM 5.62% 5.56% 1.1%

Rates for 30-year fixed mortgages edged just below 5.00% again on Monday evening, with the average rate on Zillow Mortgage Marketplace at 4.98%.

At a state level, the 30-year fixed mortgage rate in North Carolina had the biggest increase, rising from 4.99% to 5.09%. Rates on 30-year fixed mortgages were lowest in the states of Arizona (4.97%) and Georgia (4.99%), while Maryland (5.26%) and Virginia (5.24%) had the highest rates.

State Average 30-yr. Average 30-yr.
Fixed Rate Fixed Rate
Week ending 1/4/08 Week ending 12/28/08 % Change
Arizona 4.97% 4.95% 0.5%
California 5.10% 5.11% -0.2%
Colorado 5.16% 5.10% 1.1%
Connecticut 5.06% 5.02% 0.9%
Florida 5.02% 4.97% 1.0%
Georgia 4.99% 4.92% 1.5%
Illinois 5.20% 5.28% -1.7%
Maryland 5.26% 5.16% 1.8%
Massachusetts 5.13% 5.10% 0.5%
Michigan 5.16% 5.12% 0.8%
Minnesota 5.16% 5.06% 1.9%
Missouri 5.14% 5.07% 1.4%
New Jersey 5.07% 5.01% 1.2%
New York 5.14% 5.15% -0.1%
North Carolina 5.09% 4.99% 2.0%
Oregon 5.03% 4.98% 1.1%
Pennsylvania 5.02% 5.01% 0.2%
Texas 5.06% 5.04% 0.4%
Virginia 5.24% 5.18% 0.7%
Washington 5.05% 4.99% 1.3%

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 www.zillow.com/mortgage.

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