News Release Issued: January 13, 2009 11:24 AM EST
/C O R R E C T I O N — Zillow.com/
In the news release, Thirty-Year Fixed Rates Back Below 5.00%, issued
13-Jan-2009 by Zillow.com over PR Newswire, we are advised by the company
that the fifth paragraph, second sentence, should read “Rates on 30-year
fixed mortgages were lowest in the states of Arizona (4.80%) and Georgia
(4.81%), while Maryland (4.97%), Illinois (4.97%), Minnesota (4.97%) and
Michigan (5.05%) had the highest rates” rather than “Rates on 30-year fixed
mortgages were lowest in the states of Arizona (4.80%) and Texas (4.84%),
while Maryland (4.97%) and Michigan (5.05%) had the highest rates” as
originally issued inadvertently. The complete, corrected release follows:
Thirty-Year Fixed Rates Back Below 5.00%
Low Rates Drive Refinance Requests on Zillow Mortgage Marketplace,
According to Zillow Mortgage Rate Monitor
SEATTLE, Jan. 13 /PRNewswire/ — Thirty-year mortgage rates fell last week to
4.92 percent and the low rates that have persisted for the last month
attracted thousands of homeowners hoping to refinance to Zillow Mortgage
Marketplace in December and early January.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060503/ZILLOWLOGO)
Requests to refinance normally make up about one-third of all loan requests
on Zillow Mortgage Marketplace, but in December they made up 67 percent. So
far in January, they have made up 62 percent. The total number of requests
also increased more than 150 percent from November to December.
The weekly average rates for 30-year fixed mortgages decreased to 4.92
percent last week, down from 5.10 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 decreased to 4.58
percent, down from 4.79 percent and 5-1 adjustable rate mortgages decreased
to 5.35 percent from 5.62 percent.
Mortgage Type Average Rate Average Rate % Change
Week ending 1/11/09 Week ending 1/4/09
30-year fixed 4.92% 5.10% -3.6%
15-year fixed 4.58% 4.79% -4.5%
5-1 ARM 5.35% 5.62% -4.8%
Rates for 30-year fixed mortgages fell far below 5.00% again on Monday
evening, with the average rate on Zillow Mortgage Marketplace at 4.86
percent.
At a state level, the 30-year fixed mortgage rates in Maryland and Virginia
had the biggest decreases, dropping from 5.26 percent to 4.97 percent and
5.21 percent to 4.93 percent, respectively. Rates on 30-year fixed mortgages
were lowest in the states of Arizona (4.80%) and Georgia (4.81%), while
Maryland (4.97%), Illinois (4.97%), Minnesota (4.97%) and Michigan (5.05%)
had the highest rates. 
State Average 30-yr. Fixed Average 30-yr. Fixed % Change
Rate Rate
Week ending 1/11/09 Week ending 1/4/09
Georgia 4.81% 4.99% -3.6%
