Tuesday, December 2, 2008

Mortgage Rates Drop to Lowest Level This Year

Georgia 30 Year Fixed Rate Drops 6.9% to 5.41%.

/PRNewswire/ -- Mortgage rates fell dramatically last week, due to the government's decision to purchase mortgage-backed securities. Rates for 30-year fixed mortgages declined to 5.53 percent, down from 5.92 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com(R). Rates for 15-year fixed mortgages decreased to 5.34 percent, down from 5.69 percent and 5-1 adjustable rate mortgages rose to 6.01 percent from 5.87 percent.

Mortgage Type Average Rate Average Rate % Change
Week ending 11/30/08 Week ending 11/23/08
30-year fixed 5.53% 5.92% -6.5%
15-year fixed 5.34% 5.69% -6.1%
5-1 ARM 6.01% 5.87% 2.4%

Rates for 30-year fixed mortgages fell even further on Monday evening with the average rate on Zillow Mortgage Marketplace at 5.32 percent.

At a state level, the 30-year fixed mortgage rate in New York saw the biggest decrease, falling from 5.96 percent to 5.48 percent. Rates on 30-year fixed mortgages were lowest in the states of Georgia (5.41%) and Washington (5.46%), while Arizona (5.62%) and North Carolina (5.62%) 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.

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