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30-Year Mortgage Rates Drop Substantially for First Time in Four Weeks

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RISMEDIA, March 18, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgages fell for the first time in a month to 5.21%, down from 5.28% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Meanwhile, rates for 15-year fixed mortgages dropped to 4.78%, down from 4.82% and 5-1 adjustable rate mortgages increased, up to 4.71% from 4.64% the week prior.

Average Rate Average Rate
Mortgage Type Week ending 3/15/09 Week ending 3/8/09 % Change
30-year fixed 5.21% 5.28% -1.3%
15-year fixed 4.78% 4.82% -0.8%
5-1 ARM 4.71% 4.64% 1.5%

Rates for 30-year fixed purchase mortgages had fallen further, with the average rate on Zillow Mortgage Marketplace at 5.05%.

Thirty-year fixed mortgage rates varied by state. Maryland mortgage rates and New York mortgage rates decreased the most, dropping from 5.38% to 5.25% in Maryland and from 5.33% to 5.21% in New York. Georgia mortgage rates (5.05 %) and Texas mortgage rates (5.13%) were the lowest in the country while Ohio mortgage rates (5.38%) were the highest. California mortgage rates were the most requested among all states.

Average 30-yr. Average 30-yr.
Fixed Rate Fixed Rate
State Week ending 3/15/09 Week ending 3/8/09 % Change
Arizona 5.21% 5.30% -1.7%
California 5.18% 5.23% -1.0%
Colorado 5.22% 5.32% -1.9%
Connecticut 5.20% 5.23% -0.6%
Florida 5.21% 5.28% -1.3%
Georgia 5.05% 5.14% -1.8%
Illinois 5.30% 5.37% -1.3%
Maryland 5.25% 5.38% -2.4%
Massachusetts 5.23% 5.29% -1.1%
Michigan 5.27% 5.39% -2.2%
Nevada 5.32% 5.42% -1.8%
New Jersey 5.18% 5.28% -1.9%
New York 5.21% 5.33% -2.3%
North Carolina 5.23% 5.33% -1.9%
Ohio 5.38% 5.43% -0.9%
Oregon 5.23% 5.31% -1.5%
Pennsylvania 5.19% 5.28% -1.7%
Texas 5.13% 5.22% -1.7%
Virginia 5.22% 5.28% -1.1%
Washington 5.22% 5.26% -0.2%

For more information, visit www.Zillow.com.

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