RISMEDIA, Dec. 17, 2008-The continued and dramatic fall of mortgage rates this week led to a flood of refinance requests on Zillow Mortgage Marketplace, accounting for more than half of all requests. Refi requests are up 230% in the first half of December, compared with the first half of November.

The weekly average rates for 30-year fixed mortgages declined to 5.15%, down from 5.34% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate website Zillow.com(R). Rates for 15-year fixed mortgages decreased to 5.00%, down from 5.16% and 5-1 adjustable rate mortgages increased slightly to 5.94% from 5.93%.


Rates for 30-year fixed mortgages remained fairly steady on Monday evening with the average rate on Zillow Mortgage Marketplace at 4.98%.

At a state level, the 30-year fixed mortgage rate in Tennessee had the biggest decrease, falling from 5.40% to 5.09%. Rates on 30-year fixed mortgages were lowest in the states of Georgia (5.07%) and Tennessee (5.09%), while Illinois (5.27%) and New York (5.25%) had the highest rates.


The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates quoted on Zillow Mortgage Marketplace (www.zillow.com/mortgage) 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.

According to the company, Zillow Mortgage Marketplace is an open and transparent lending marketplace, providing borrowers an anonymous and hassle-free way to receive an unlimited number of customized mortgage quotes directly from confirmed lenders.