Mortgage Rate Instability Peters Out: Rates Remain Comparatively Steady During the Later Part of Las

Mortgage Rate Instability Peters Out: Rates Remain Comparatively Steady During the Later Part of Last Week


Seattle, Nov 11, 2008: Mortgage rates slumped last week and the rates for 30-year fixed rate mortgages went down to 6.09% and this is lower than 6.26% of the previous week. This is in accordance with the Zillow Mortgage Rate Monitor by utilizing the data that has been collected by Zillow.com (R), a prominent real estate website. The 15-year fixed mortgage rates slumped to 5.73% and this is also a drop from 6.01%. The rates for 5/1 adjustable rate mortgages went up to 5.87%, and this showed an increase of .06%.


As per Zillow (R) Mortgage Rate Monitor, mortgage rates floated around 6%.


The 30-year fixed mortgage rates seemed to be somewhat low on Monday evening where the average rate was 6%, according to Zillow Mortgage Marketplace.


From the point of view of the states, the largest drop in the 30-year fixed mortgage rate was noticed in Michigan, and it dropped to 6.04% from 6.48%. The 30-year fixed mortgage rates were lowest in the states of Texas at 5.99% and Tennessee at 5.96%. At the same time, Connecticut (6.18%) and Pennsylvania (6.21%) had the maximum rates.


Zillow Mortgage Marketplace is a mortgage lending marketplace which is easily understood and accessible for all. It offers the mortgage borrowers a useful and convenient method of getting inexhaustible numbers of personalized mortgage quotes from approved lenders directly. Zillow also offers elaborate mortgage rate charts and collection of facts, as well as a mortgage calculator.


The compilation of Zillow Mortgage Rate Monitor is done every week utilizing numerous mortgage rates cited on Zillow Mortgage Marketplace by the lenders to mortgage borrowers who have applied for mortgage loans. State-level statistics is collected from the top 20 states with the maximum quote volume on Zillow Mortgage Marketplace.

have your say