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2008-10-02 18:07:18

Mortgage Rates Rise Given Turmoil in the Credit Market


Mortgage rates have risen over the past week, with rates for 30-year fixed mortgages increasing to 5.96 percent, up from 5.78 percent the week prior according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Mortgage rates for 15-year fixed and 5-1 adjustable rate mortgages have also risen to 5.63 and 5.60 percent, respectively. 

Mortgage Type
Average Rate
Week ending 9/28/08
Average Rate
Week ending 9/21/08
% Change
30-year fixed
5.96%
5.78%
3.1%
15-year fixed
5.63%
5.42%
3.8%
5-1 ARM
5.60%
5.47%
2.3%

 At a state level, the 30-year fixed rate mortgage rate in Arizona saw the most significant increase from 5.72 percent to 5.98 percent. Rates on 30-year fixed mortgages were lowest in the states of Georgia (5.90%), Colorado (5.91%), North Carolina (5.91%), and Virginia (5.91%), while New York (6.11%), Maryland (6.04%) and Massachusetts (6.04%) had the highest rates.

State
Average 30-yr. Fixed Rate
Week ending 9/28/08
Average 30-yr. Fixed Rate
Week ending 9/21/08
% Change
Arizona
5.93%
5.69%
4.2%
California
5.92%
5.76%
2.7%
Colorado
5.91%
5.68%
4.0%
Connecticut
6.03%
5.88%
2.5%
Florida
5.96%
5.79%
3.0%
Georgia
5.90%
5.71%
3.3%
Illinois
6.00%
5.80%
3.6%
Maryland
6.04%
5.91%
2.2%
Massachusetts
6.04%
5.84%
3.3%
Michigan
5.99%
5.84%
2.6%
Missouri
5.99%
5.88%
1.8%
New Jersey
6.03%
5.81%
3.7%
New York
6.11%
5.93%
3.0%
North Carolina
5.91%
5.76%
2.7%
Ohio
5.96%
5.76%
3.3%
Oregon
5.98%
5.72%
4.4%
Pennsylvania
6.03%
5.84%
3.1%
Texas
5.94%
5.75%
3.3%
Virginia
5.91%
5.79%
2.0%
Washington
5.94%
5.72%
3.8%

 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 choices of mortgage calculator, please visit mortgage.www.zillow.com/
 
About Zillow Mortgage Marketplace
 
Zillow Mortgage Marketplace is an online mortgage resource providing borrowers with direct access to an unlimited number of personalized and anonymous loan quotes from confirmed mortgage professionals, for free. Zillow Mortgage Marketplace educates borrowers with tools such as mortgage calculators, rate tables, and informational resources on obtaining a home loan. 

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