Mortgage Rates Fall to 5.00 Percent for Many States, Nation

RISMEDIA, May 20, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.00%, down from 5.07% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com®. Meanwhile, rates for 15-year fixed mortgages also dropped to 4.63% from 4.70%, and 5-1 adjustable rate mortgages decreased to 4.21% from 4.27% the week prior.

Mortgage Type Average Rate Average Rate
Week ending 5/17/09 Week ending 5/10/09 % Change

30-year fixed 5.00% 5.07% -1.4%
15-year fixed 4.63% 4.70% -1.5%
5-1 ARM 4.21% 4.27% -1.4%

Rates for 30-year fixed purchase mortgages fell further, with the average rate on Zillow Mortgage Marketplace at 4.91%.

Thirty-year fixed mortgage rates varied by state. Virginia mortgage rates, California mortgage rates and Washington mortgage rates decreased the most, down from 5.07% to 4.95% in Virginia, from 5.07% to 4.96% in California and from 5.06% to 4.95% in Washington. Georgia mortgage rates (4.91%) and Florida mortgage rates (4.94%) were the lowest in the country, while Ohio mortgage rates (5.13%) were the highest.

State Average 30-yr. Fixed Average 30-yr. Fixed
Rate Rate
Week ending 5/17/09 Week ending 5/10/09 % Change

Arizona 5.02% 5.06% -0.8%
California 4.96% 5.07% -2.2%
Colorado 4.99% 5.07% -1.6%
Connecticut 5.04% 5.04% 0.0%
Florida 4.94% 5.01% -1.4%
Georgia 4.91% 5.01% -2.0%
Illinois 5.07% 5.12% -1.0%
Maryland 5.06% 5.10% -0.8%
Massachusetts 5.07% 5.13% -1.2%
Michigan 5.06% 5.07% -0.2%
Missouri 5.03% 5.08% -1.0%
New Jersey 5.02% 5.04% -0.4%
New York 5.02% 5.06% -0.2%
North Carolina 5.07% 5.08% -0.2%
Ohio 5.13% 5.16% -0.6%
Oregon 5.02% 5.10% -1.6%
Pennsylvania 5.00% 5.06% -1.2%
Texas 5.02% 5.09% -1.4%
Virginia 4.95% 5.07% -2.4%
Washington 4.95% 5.06% -2.2%