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Mortgage Rates Take Off After Volatile Week in Stock Market
added: 2008-10-22

Mortgage rates surged last week, with rates for 30-year fixed mortgages increasing to 6.36 percent, up from 5.95 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 rose to 6 percent, up from 5.65 percent and 5-1 adjustable rate mortgages increased to 5.69 percent from 5.68 percent.

Rates for 30-year fixed mortgages appeared to be dipping again on Monday evening, however, with the average rate on Zillow Mortgage Marketplace at 5.97 percent.

At a state level, the 30-year fixed mortgage rate in North Carolina saw the most significant increase from 5.79 percent to 6.38 percent. Rates on 30-year fixed mortgages were lowest in the states of Colorado (6.24%) and Oregon (6.25%), while Connecticut (6.49%) and Maryland (6.45%) had the highest rates.


Source: Zillow.com

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