Rates Stay Steady on Monday, According to Zillow(R) Mortgage Rate Monitor

SEATTLE, May 5 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgages remained relatively steady last week. Last week's rate was 5.05 percent, down slightly from 5.07 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com(R). Meanwhile, rates for 15-year fixed mortgages fell to 4.70 percent, down from 4.72 percent and 5-1 adjustable rate mortgages decreased significantly, down to 4.30 percent from 4.38 percent the week prior.

    Mortgage Type       Average Rate          Average Rate
                     Week ending 5/3/09    Week ending 4/26/09     % Change
    30-year fixed                 5.05%                5.07%         -0.4%
    15-year fixed                 4.70%                4.72%         -0.4%
    5-1 ARM                       4.30%                4.38%         -1.8%

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Rates for 30-year fixed purchase mortgages remained flat on Monday, with the average rate on Zillow Mortgage Marketplace at 5.05 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

Thirty-year fixed mortgage rates varied by state. Oregon mortgage rates, Florida mortgage rates, Colorado mortgage rates, New Jersey mortgage rates and Washington mortgage rates decreased the most, down from 5.11 percent to 5.04 percent in Oregon, from 5.01 percent to 4.98 percent in Florida, from 5.07 percent to 5.04 percent in Colorado, from 5.09 percent to 5.06 percent in New Jersey and from 5.05 percent to 5.02 percent in Washington. Florida mortgage rates (4.98%) and Georgia mortgage rates (4.99%) were the lowest in the country, while Ohio mortgage rates (5.16%) 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 5/3/09      Week ending 4/26/09   % Change

    Arizona              5.04%                  5.05%             -0.2%
    California           5.06%                  5.07%             -0.2%
    Colorado             5.04%                  5.07%             -0.6%
    Connecticut          5.05%                  5.05%              0.0%
    Florida              4.98%                  5.01%             -0.6%
    Georgia              4.99%                  4.99%              0.0%
    Illinois             5.10%                  5.12%             -0.4%
    Maryland             5.11%                  5.09%              0.4%
    Massachusetts        5.09%                  5.10%             -0.2%
    Michigan             5.08%                  5.08%              0.0%
    Minnesota            5.07%                  5.08%             -0.2%
    New Jersey           5.06%                  5.09%             -0.6%
    New York             5.08%                  5.10%             -0.4%
    North Carolina       5.09%                  5.10%             -0.2%
    Ohio                 5.16%                  5.17%             -0.2%
    Oregon               5.04%                  5.11%             -1.4%
    Pennsylvania         5.07%                  5.07%              0.0%
    Texas                5.04%                  5.03%              0.2%
    Virginia             5.01%                  5.02%             -0.2%
    Washington           5.02%                  5.05%             -0.6%

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.

About Zillow Mortgage Marketplace

Zillow Mortgage Marketplace is a free, open, and transparent lending marketplace, where borrowers connect with lenders to find loans and get the best mortgage rates. Borrowers anonymously submit loan requests and receive an unlimited number of custom mortgage quotes with real rates directly from thousands of competing lenders. Zillow Mortgage Marketplace also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories.

Zillow.com and Zillow are registered trademarks of Zillow, Inc.

SOURCE Zillow.com

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