Tuesday, October 21, 2008

Mortgage Rates Take Off After Volatile Week in Stock Market; Rates in Some States Increase by 10%

Average Georgia 30 year fixed rates increased 7.8% to 6.29%.

PRNewswire/ -- Mortgage rates surged last week, with rates for 30-year fixed mortgages increasing to 6.36 percent, up from 5.95 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com(R). Mortgage rates for 15-year fixed rose to 6 percent, up from 5.65 percent and 5-1 adjustable rate mortgages increased to 5.69 percent from 5.68 percent.

Mortgage Type Average Rate Average Rate % Change
Week ending 10/19/08 Week ending 10/12/08
30-year fixed 6.36% 5.95% 6.9%
15-year fixed 6.00% 5.65% 6.1%
5-1 ARM 5.69% 5.68% 0.1%

Rates for 30-year fixed mortgages appeared to be dipping again on Monday evening, however, with the average rate on Zillow Mortgage Marketplace at 5.97 percent.

At a state level, the 30-year fixed mortgage rate in North Carolina saw the most significant increase from 5.79 percent to 6.38 percent. Rates on 30-year fixed mortgages were lowest in the states of Colorado (6.24%) and Oregon (6.25%), while Connecticut (6.49%) and Maryland (6.45%) 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.

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