Rates Edge Downward on Monday, According to Zillow(R) Mortgage Rate Monitor

SEATTLE, April 14 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgages remained relatively flat during the past week. Last week's rate was 5.10 percent, up slightly from 5.08 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 decreased to 4.73 percent, down from 4.77 percent and 5-1 adjustable rate mortgages also decreased, down to 4.65 percent from 4.71 percent the week prior.

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                          Average Rate            Average Rate
    Mortgage Type     Week ending 4/12/09     Week ending 4/05/09    % Change

    30-year fixed           5.10%                   5.08%               0.4%
    15-year fixed           4.73%                   4.77%              -0.8%
    5-1 ARM                 4.65%                   4.71%              -1.3%

Rates for 30-year fixed purchase mortgages fell on Monday evening, with the average rate on Zillow Mortgage Marketplace at 5.02 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/ .

Thirty-year fixed mortgage rates varied by state. Massachusetts mortgage rates , Georgia mortgage rates, Minnesota mortgage rates, New Jersey mortgage rates and Pennsylvania mortgage rates increased the most, up from 5.10 percent to 5.15 percent in Massachusetts, from 4.96 percent to 5.00 percent in Georgia, from 5.06 percent to 5.10 percent in Minnesota, from 5.08 percent to 5.12 percent in New Jersey and from 5.05 percent to 5.09 percent in Pennsylvania. Georgia mortgage rates (5.00%) and Texas mortgage rates (5.05%) were the lowest in the country while Ohio mortgage rates (5.22%) 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 4/12/09    Week ending 4/05/09    % Change

    Arizona                5.09%                  5.07%               0.4%
    California             5.10%                  5.07%               0.6%
    Colorado               5.06%                  5.06%               0.0%
    Connecticut            5.10%                  5.09%               0.2%
    Florida                5.06%                  5.04%               0.4%
    Georgia                5.00%                  4.96%               0.8%
    Illinois               5.14%                  5.12%               0.4%
    Maryland               5.17%                  5.16%               0.2%
    Massachusetts          5.15%                  5.10%               1.0%
    Michigan               5.10%                  5.09%               0.2%
    Minnesota              5.10%                  5.06%               0.8%
    New Jersey             5.12%                  5.08%               0.8%
    New York               5.14%                  5.14%               0.0%
    North Carolina         5.11%                  5.09%               0.4%
    Ohio                   5.22%                  5.20%               0.4%
    Oregon                 5.11%                  5.10%               0.2%
    Pennsylvania           5.09%                  5.05%               0.8%
    Texas                  5.05%                  5.02%               0.6%
    Virginia               5.11%                  5.09%               0.4%
    Washington             5.08%                  5.10%              -0.4%

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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