Mortgage Rates Remain Stable for Second Consecutive Week

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RISMEDIA, Nov. 19, 2008-Mortgage rates remained relatively stable last week, with rates for 30-year fixed mortgages declining slightly to 6.03 percent, down from 6.09 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com(R). Rates for 15-year fixed mortgages rose to 5.76 percent, up from 5.73 percent and 5-1 adjustable rate mortgages fell to 5.85 percent from 5.87 percent.

Rates for 30-year fixed mortgages appeared to be down a bit further on Monday evening with the average rate on Zillow Mortgage Marketplace at 5.97 percent.

At a state level, the 30-year fixed mortgage rate in Arizona saw the biggest decrease, falling from 6.13 percent to 5.95 percent. Rates on 30-year fixed mortgages were lowest in the states of Georgia (5.90%) and Oregon (5.90%), while Missouri (6.17%) and New York (6.14%) had the highest rates.

The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates quoted on Zillow Mortgage Marketplace (www.zillow.com/mortgage) 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 detailed rate charts and data, as well as choices of mortgage calculator, please visit www.zillow.com/mortgage.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

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