National Rate Falls Significantly Monday, According to Zillow(R) Mortgage Rate Monitor

SEATTLE, Nov. 3 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased one basis point last week to 4.86 percent, down from 4.87 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Rates for 15-year fixed mortgages fell one basis point to 4.31 percent from 4.32 percent, and 5-1 adjustable rate mortgages fell one basis point to 3.79 percent, from 3.80 percent the week prior.

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The volume of mortgage requests last week fell 9.5 percent from the prior week. Of last week's requests, 43 percent were for refinance loans, 54 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 45 percent of requests were for refinance loans, 53 percent were for purchase loans and 2 percent were for home equity loans.

                       Average Rate         Average Rate           Change in
    Mortgage Type   Week ending 11/1/09  Week ending 10/25/09     Basis Points
    -------------   -------------------  --------------------     ------------
    30-year fixed                 4.86%                 4.87%               -1
    -------------                 ----                  ----               ---
    15-year fixed                 4.31%                 4.32%               -1
    -------------                 ----                  ----               ---
    5-1 ARM                       3.79%                 3.80%               -1
    -------                       ----                  ----               ---

On Monday, rates for 30-year fixed purchase mortgages fell, with the average rate on Zillow Mortgage Marketplace at 4.79 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

Thirty-year fixed mortgage rates varied by state. Texas mortgage rates and Connecticut mortgage rates decreased the most, from 4.84 percent to 4.81 percent in Texas and from 4.96 percent to 4.94 percent in Connecticut. New York mortgage rates (5.03%) and New Jersey mortgage rates (5.06%) were the highest in the country, while Texas mortgage rates (4.81%), and California mortgage rates (4.83%) were the lowest.

                       Average 30-yr.     Average 30-yr.
                         Fixed Rate         Fixed Rate
                        Week ending        Week ending             Change in
    State                  11/1/09           10/25/09             Basis Points
    -----              --------------     --------------          ------------
    Arizona                     4.92%              4.93%                    -1
    -------                     ----               ----                    ---
    California                  4.83%              4.84%                    -1
    ----------                  ----               ----                    ---
    Colorado                    4.89%              4.85%                     4
    --------                    ----               ----                    ---
    Connecticut                 4.94%              4.96%                    -2
    -----------                 ----               ----                    ---
    Florida                     4.89%              4.86%                     3
    -------                     ----               ----                    ---
    Georgia                     4.95%              4.93%                     2
    -------                     ----               ----                    ---
    Illinois                    4.99%              4.91%                     8
    --------                    ----               ----                    ---
    Maryland                    4.92%              4.92%                     0
    --------                    ----               ----                    ---
    Massachusetts               4.90%              4.87%                     3
    -------------               ----               ----                    ---
    Michigan                    4.92%              4.86%                     6
    --------                    ----               ----                    ---
    Minnesota                   4.94%              4.93%                     1
    ---------                   ----               ----                    ---
    New Jersey                  5.06%              4.95%                    11
    ----------                  ----               ----                    ---
    New York                    5.03%              5.03%                     0
    --------                    ----               ----                    ---
    North Carolina              4.93%              4.93%                     0
    --------------              ----               ----                    ---
    Ohio                        4.84%              4.83%                     1
    ----                        ----               ----                    ---
    Oregon                      4.84%              4.83%                     1
    ------                      ----               ----                    ---
    Pennsylvania                4.93%              4.93%                     0
    ------------                ----               ----                    ---
    Texas                       4.81%              4.84%                    -3
    -----                       ----               ----                    ---
    Virginia                    4.87%              4.87%                     0
    --------                    ----               ----                    ---
    Washington                  4.84%              4.84%                     0
    ----------                  ----               ----                    ---

The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates for conforming loans 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. Learn more about our rates.

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.

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