Tuesday, March 17, 2009

30-Year Mortgage Rates Drop Substantially for First Time in Four Weeks

The average 30 year fixed rate in Georgia fell 1.8% to 5.05%.

/PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgages fell for the first time in a month to 5.21 percent, down from 5.28 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 dropped to 4.78 percent, down from 4.82 percent and 5-1 adjustable rate mortgages increased, up to 4.71 percent from 4.64 percent the week prior.

Rates for 30-year fixed purchase mortgages had fallen further on Monday evening, with the average rate on Zillow Mortgage Marketplace at 5.05 percent. For the most current up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/ .

Thirty-year fixed mortgage rates varied by state. Maryland mortgage rates and New York mortgage rates decreased the most, dropping from 5.38 percent to 5.25 percent in Maryland and from 5.33 percent to 5.21 percent in New York. Georgia mortgage rates (5.05 %) and Texas mortgage rates (5.13%) were the lowest in the country while Ohio mortgage rates (5.38%) were the highest. California mortgage rates were the most requested among all states.

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.

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