Fixed Mortgage Interest Rates Continue to Climb

October 20, 2011 (Shirley Allen)

Interest rates on long term fixed rate mortgages continued to rise in the last week, though at a slower pace, while interest rates on shorter term adjustable rate mortgages declined according to the data collected by LendingTree’s Weekly Mortgage Rate Pulse.

Fixed Rate Mortgages as of October 18, 2011:

The average home loan rates offered for 30 year fixed rate mortgages increased this week to 4.56 percent (4.74% APR). The average home loan rate offered last week was 4.53 percent.

The lowest mortgage rate offered for a 30 year fixed rate mortgage was 3.875 percent (4.00% APR), which remained unchanged from the week before.

The average home loan rates offered for 15 year fixed rate mortgages increased this week to 3.93 percent (4.20% APR). The average home loan rate offered last week was 3.92 percent.

The lowest mortgage rate offered for a 15 year fixed rate mortgage was 3.125 percent (3.36% APR), which was down from 3.25 percent the week before.

Adjustable Rate Mortgages as of October 18, 2011:

The average home loan rate offered for 5/1 adjustable rate mortgages decreased this week to 3.39 percent (3.56% APR). The average home loan rate offered last week was 3.48 percent.

The lowest mortgage rate offered for a 5/1 adjustable rate mortgage was 2.50 percent (3.03% APR), which was unchanged from the week before.

See how your state compares below by comparing mortgage data including a snapshot of the lowest 30-year fixed rates offered by lenders, average loan-to-value ratio and percentage of consumers with negative equity:

STATE-BY-STATE MORTGAGE DATA 10/18/11

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

NEGATIVE EQUITY*

US Average

3.88% (4.00% APR)

69.8%

33.5%

Alabama

3.75% (3.89% APR)

68.0%

29.5%

Alaska

3.88% (4.00% APR)

65.8%

19.5%

Arizona

3.75% (3.88% APR)

93.1%

38.9%

Arkansas

3.75% (3.86% APR)

72.3%

43.0%

California

3.75% (3.88% APR)

70.0%

34.4%

Colorado

3.75% (3.88% APR)

72.3%

22.9%

Connecticut

3.75% (3.85% APR)

60.2%

43.4%

Delaware

3.75% (3.85% APR)

67.3%

38.8%

District of Columbia

3.75% (3.88% APR)

58.6%

26.8%

Florida

3.75% (3.85% APR)

87.8%

38.9%

Georgia

3.75% (3.88% APR)

80.9%

26.5%

Hawaii

4.00% (4.12% APR)

53.9%

27.0%

Idaho

3.80% (3.93% APR)

71.7%

30.3%

Illinois

3.75% (3.86% APR)

72.4%

32.3%

Indiana

3.75% (3.93% APR)

69.4%

28.4%

Iowa

3.75% (3.88% APR)

67.3%

44.2%

Kansas

3.75% (3.88% APR)

70.3%

32.2%

Kentucky

3.75% (3.89% APR)

67.9%

52.7%

Louisiana

3.75% (3.88% APR)

75.2%

82.4%

Maine

3.75% (3.86% APR)

58.3%

30.7%

Maryland

3.75% (3.84% APR)

70.3%

25.9%

Massachusetts

3.88% (4.00% APR)

61.9%

47.0%

Michigan

3.75% (3.88% APR)

84.0%

33.4%

Minnesota

3.75% (3.85% APR)

66.8%

22.7%

Mississippi

3.75% (3.87% APR)

78.2%

29.2%

Missouri

3.75% (3.88% APR)

71.9%

32.4%

Montana

3.75% (3.88% APR)

60.3%

33.9%

Nebraska

3.75% (3.88% APR)

73.4%

44.7%

Nevada

3.63% (3.75% APR)

112.7%

53.7%

New Hampshire

3.88% (3.99% APR)

70.3%

26.2%

New Jersey

3.75% (3.87% APR)

62.8%

29.9%

New Mexico

3.80% (3.95% APR)

67.9%

45.9%

New York

3.75% (3.85% APR)

48.7%

36.0%

North Carolina

3.88% (4.00% APR)

71.6%

32.4%

North Dakota

3.75% (3.88% APR)

61.1%

36.3%

Ohio

3.75% (3.86% APR)

75.8%

27.5%

Oklahoma

3.75% (3.86% APR)

71.8%

50.6%

Oregon

3.88% (4.03% APR)

69.8%

19.9%

Pennsylvania

3.75% (3.84% APR)

61.1%

42.0%

Rhode Island

3.75% (3.87% APR)

63.7%

38.7%

South Carolina

3.75% (3.86% APR)

71.5%

28.9%

South Dakota

3.75% (3.86% APR)

N/A

N/A

Tennessee

3.75% (3.89% APR)

71.6%

29.9%

Texas

3.88% (4.00% APR)

68.1%

31.6%

Utah

3.80% (4.03% APR)

72.9%

22.8%

Vermont

3.75% (3.88% APR)

N/A

N/A

Virginia

3.75% (3.85% APR)

71.7%

25.1%

Washington

3.80% (3.95% APR)

68.3%

21.7%

West Virginia

3.75% (3.85% APR)

66.8%

50.6%

Wisconsin

3.75% (3.85% APR)

69.1%

36.0%

Wyoming

3.88% (4.01% APR)

63.1%

24.2%

Lowest mortgage interest rates shown reflect the payment of one discount point. Mortgage interest rates will vary based on the borrower’s loan details and credit profile.

Source:

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