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 Rates Fall on Monday, According to Zillow® Mortgage Rate Monitor

 SEATTLE, May 12 -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year mortgages increased slightly last week. Last week's rate was 5.07 percent, up slightly from 5.05 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Meanwhile, rates for 15-year fixed mortgages were unchanged from the week prior at 4.70 percent, and 5-1 adjustable rate mortgages decreased, down to 4.27 percent from 4.30 percent the week prior. 
                          Average Rate          Average Rate
      Mortgage Type    Week ending 5/10/09   Week ending 5/3/09     % Change
 
    30-year fixed                   5.07%                5.05%         0.4%
    15-year fixed                   4.70%                4.70%        -0.4%
    5-1 ARM                         4.27%                4.30%        -0.7%
 
On Monday, rates for 30-year fixed purchase mortgages fell below 5.00
percent, with the average rate on Zillow Mortgage Marketplace at 4.98 percent.
For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.
Thirty-year fixed mortgage rates varied by state. Oregon mortgage rates and Virginia mortgage rates increased the most, up from 5.04 percent to 5.10 percent and from 5.01 percent to 5.07 percent, respectively. Florida mortgage rates (5.01%) and Georgia mortgage rates (5.01%) were the lowest in the country, while Ohio mortgage rates (5.16%) were the highest. California mortgage rates were the most requested among all states.
 
                       Average 30-yr.          Average 30-yr.
                         Fixed Rate              Fixed Rate
      State          Week ending 5/10/09     Week ending 5/3/09     % Change
 
    Arizona                         5.06%                  5.04%         0.4%
    California                      5.07%                  5.06%         0.2%
    Colorado                        5.07%                  5.04%         0.6%
    Connecticut                     5.04%                  5.05%        -0.2%
    Florida                         5.01%                  4.98%         0.6%
    Georgia                         5.01%                  4.99%         0.4%
    Illinois                        5.12%                  5.10%         0.4%
    Maryland                        5.10%                  5.11%        -0.2%
    Massachusetts                   5.13%                  5.09%         0.8%
    Michigan                        5.07%                  5.08%        -0.2%
    Missouri                        5.07%                  5.05%         0.4%
    New Jersey                      5.04%                  5.06%        -0.4%
    New York                        5.06%                  5.08%        -0.4%
    North Carolina                  5.08%                  5.09%        -0.2%
    Ohio                            5.16%                  5.16%         0.0%
    Oregon                          5.10%                  5.04%         1.2%
    Pennsylvania                    5.06%                  5.07%        -0.2%
    Texas                           5.09%                  5.04%         1.0%
    Virginia                        5.07%                  5.01%         1.2%
    Washington                      5.06%                  5.02%         0.8%
 
 
 

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. Learn more about our rates.