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Steady Rates Prevail in Mortgage Market, Despite Continued Upheaval in Stock Market
added: 2008-10-08

Mortgage rates remained steady over the past week, with rates for 30-year fixed mortgages increasing slightly to 5.97 percent, up from 5.96 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com(R).

Mortgage rates for 15-year fixed remained steady at 5.63 percent, and 5-1 adjustable rate mortgages saw the most dramatic increase, rising to 5.75 percent.

At a state level, the 30-year fixed rate mortgage rate in Virginia saw the most significant increase from 5.91 percent to 5.99 percent. Rates on 30-year fixed mortgages were lowest in the states of Georgia (5.88%) and Colorado (5.92%), while New York (6.10%), Connecticut (6.08%), Maryland (6.02%) and Massachusetts (6.02%) had the highest rates.

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.


Source: PR Newswire

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