RISMEDIA, March 4, 2009-Amidst the announcement of President Barack Obama’s housing plan, and with mortgage rates reaching historic lows, real estate website Zillow.com reports record-breaking traffic and loan request activity within its free marketplace for custom mortgage quotes, Zillow(R) Mortgage Marketplace.
Over the past three months, as mortgage rates dropped to their lowest levels in years, consumer interest in refinancing soared. More than 70,000 loan requests were submitted from borrowers on Zillow Mortgage Marketplace in the December through February time period, with the average number of daily loan requests up 142% in this same period versus November 2008. Refinancing requests accounted for more than 60% of all consumer loan requests over this three-month period.
Meanwhile, increased consumer interest in refinancing and dropping home prices resulted in a series of record traffic months for Zillow.com. February traffic reached 7.9 million unique users, which is up 60% year-over-year.
“It’s been fascinating to watch homeowners and potential buyers respond so quickly to these record low mortgage rates and to the economic news of the day. We saw borrowers react quickly when rates dove below 5% in early February; loan requests rose 16% compared to the previous week,” said Lloyd Frink, Zillow president. “Likewise, when President Obama announced his refinancing plan in late February, loan requests rose 56% over the average daily rate and remained at higher levels for several days, even though there was no movement in rates. Clearly, homeowners, and those seeking mortgages, were interested in what this plan could mean for them.”
Zillow Mortgage Marketplace is the new business arm of Zillow that aims to transform the process of obtaining a mortgage and finding the best rates by adding transparency and competition to an area that hasn’t before existed. Borrowers can shop for loans anonymously and get an unlimited number of real customized rates directly from lenders within this open and free marketplace. On average, each consumer loan request receives 14 customized loan quotes from lenders, with the first quote coming within seconds.
Interactive mortgage rate charts show the most current mortgage rates being offered on Zillow Mortgage Marketplace, making it easy for borrowers to see when rates drop and get a sense of a rate they may be able to lock in.
For more information, visit www.zillow.com.