30-Year Mortgage Rates Rise to 5.25%

RISMEDIA, February 4, 2009-The weekly average rate borrowers were quoted on Zillow for thirty-year mortgages rose again last week to 5.25%, up from 5.12% 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 increased to 4.96%, up from 4.92% and 5-1 adjustable rate mortgages increased to 5.37% from 5.27%.

                                  Average Rate          Average Rate
                                  Week ending          Week ending
Mortgage Type           2/01/09                1/25/09 %           Change
30-year fixed            5.25%                     5.12%                   2.5%
15-year fixed            4.96%                     4.92%                   0.8%
5-1 ARM                    5.37%                     5.27%                   1.9%

Rates for 30-year fixed purchase mortgages had risen even more by Monday evening, with the average rate on Zillow Mortgage Marketplace at 5.17%.

At a state level, the 30-year fixed mortgage rate in California had the biggest increase, rising from 5.07% to 5.27%, while rates in Michigan bucked the national trend by decreasing from 5.34% to 5.21%. Rates on 30-year fixed mortgages were lowest in the states of Georgia (5.11%) and Washington (5.15%), while Massachusetts (5.40%) and Illinois (5.35%) had the highest rates.

                                      Average 30-yr.               Average 30-yr.
                                      Fixed Rate                      Fixed Rate                      % Change
State                              Week ending 2/01/09    Week ending 1/25/09
Arizona                          5.27%                              5.08%                            3.7%
California                       5.27%                              5.07%                            4.0%
Colorado                        5.25%                              5.20%                            1.1%
Connecticut                   5.32%                              5.17%                             3.0%
Florida                           5.18%                              5.03%                             3.0%
Georgia                          5.11%                              5.03%                             1.6%
Illinois                           5.35%                              5.27%                             1.6%
Maryland                        5.25%                              5.28%                           -0.6%
Massachusetts               5.40%                              5.29%                             2.0%
Michigan                        5.21%                              5.34%                           -2.4%
Minnesota                      5.23%                              5.05%                             1.5%
New Jersey                     5.19%                              5.05%                              2.7%
New York                       5.31%                              5.12%                              3.7%
North Carolina               5.23%                              5.11%                              2.3%
Ohio                               5.27%                              5.28%                            -0.2%
Oregon                           5.21%                              5.05%                              3.3%
Pennsylvania                  5.16%                              5.05%                              2.1%
Texas                             5.26%                              5.20%                              1.2%
Virginia                          5.26%                              5.22%                              0.7%
Washington                    5.15%                              5.08%                              1.4%

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.

For more information, visit www.zillow.com.

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