LendingTree Mortgage Rate Pulse: Fixed Rate Mortgages Continue Declines

June 16, 2011 (Shirley Allen)

According to the data collected on June 14, 2011, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 4.67 percent (4.81% APR) for 30-year fixed mortgages, which is down from 4.71 percent reported the previous week, 3.88 percent (4.12% APR) for 15-year fixed mortgages, which is down from 3.99 percent reported the previous week, and 3.31 percent (3.36% APR) for 5/1 adjustable rate mortgages (ARM), which was up from 3.27 percent reported last week.

The lowest mortgage rates offered on the same day by lenders on the LendingTree network were 4.375 percent (4.51% APR) for a 30-year fixed mortgage, which is the same that was offered last week, 3.375 percent (3.61% APR) for a 15-year fixed mortgage, which was also the same offered last week, and 2.75 percent (3.12% APR) for a 5/1 ARM, which is the same rate offered the week before.

“Rates are continuing their free fall, spurring refinancing activity,” said Cameron Findlay, chief economist of LendingTree.com. “Home purchase activity, however, hasn’t seen the same spike – and homeownership is currently down to 1998 levels. Yet if we do a cost comparison from 1998 to today, we see the impact low mortgage rates have on home affordability. For example, in 1998, the average rate for a 30-year mortgage was 6.94%. Today, the average is just 4.71%. How does that translate? In 1998, for a $250,000 loan, a homebuyer’s monthly payment would have been $1654 versus just $1298 today. That’s a savings of $356 a month and a significant boost to what today’s buyers can afford.”

The LendingTree Weekly Mortgage Rate Pulse is a snapshot of the lowest and average home loan rates available within the LendingTree network of lenders and is compiled every Wednesday from data that is gathered from the previous day to reflect the most up to date information on current mortgage rates.

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

STATE-BY-STATE MORTGAGE DATA 6/15/11

*Updated Quarterly

STATE LOWEST MORTGAGE RATE LOAN-TO-VALUE RATIO* NEGATIVE EQUITY*
US Average 4.38% (4.51% APR) 70.2% 35.0%
Alabama 4.25% (4.39% APR) 67.0% 28.9%
Alaska 4.75% (4.95% APR) 66.3% 17.3%
Arizona 4.38% (4.51% APR) 94.6% 39.4%
Arkansas 4.38% (4.49% APR) 72.6% 43.9%
California 4.38% (4.51% APR) 70.6% 34.8%
Colorado 4.38% (4.55% APR) 71.9% 22.2%
Connecticut 4.25% (4.36% APR) 59.5% 43.3%
Delaware 4.25% (4.36% APR) 67.6% 50.3%
District of Columbia 4.25% (4.48% APR) 58.3% 25.5%
Florida 4.25% (4.36% APR) 90.8% 41.1%
Georgia 4.38% (4.50% APR) 80.9% 25.8%
Hawaii 4.38% (4.50% APR) 54.2% 25.4%
Idaho 4.25% (4.39% APR) 73.4% 29.8%
Illinois 4.38% (4.51% APR) 72.4% 31.7%
Indiana 4.25% (4.44% APR) 69.4% 28.5%
Iowa 4.63% (4.82% APR) 66.7% 42.9%
Kansas 4.63% (4.82% APR) 70.5% 31.8%
Kentucky 4.25% (4.39% APR) 67.6% 53.1%
Louisiana 4.63% (4.82% APR) 78.5% 75.5%
Maine 4.38% (4.49% APR) 58.6% 30.1%
Maryland 4.25% (4.48% APR) 70.4% 25.6%
Massachusetts 4.38% (4.49% APR) 60.7% 46.0%
Michigan 4.38% (4.50% APR) 84.3% 32.2%
Minnesota 4.25% (4.36% APR) 65.6% 22.2%
Mississippi 4.63% (4.82% APR) 78.4% 30.1%
Missouri 4.25% (4.37% APR) 71.6% 31.0%
Montana 4.75% (4.95% APR) 60.2% 33.4%
Nebraska 4.63% (4.82% APR) 72.3% 46.5%
Nevada 4.75% (4.95% APR) 118.0% 55.3%
New Hampshire 4.38% (4.49% APR) 69.8% 25.2%
New Jersey 4.25% (4.36% APR) 62.2% 29.0%
New Mexico 4.25% (4.40% APR) 66.4% 45.8%
New York 4.38% (4.38% APR) 50.1% 42.1%
North Carolina 4.38% (4.51% APR) 71.2% 33.2%
North Dakota 4.63% (4.82% APR) 60.1% 37.7%
Ohio 4.38% (4.50% APR) 75.4% 27.0%
Oklahoma 4.25% (4.37% APR) 71.0% 52.4%
Oregon 4.25% (4.41% APR) 69.6% 19.6%
Pennsylvania 4.25% (4.36% APR) 62.5% 75.7%
Rhode Island 4.63% (4.82% APR) 62.6% 36.6%
South Carolina 4.38% (4.50% APR) 71.0% 29.0%
South Dakota 4.25% (4.37% APR) N/A N/A
Tennessee 4.38% (4.50% APR) 71.2% 30.7%
Texas 4.25% (4.38% APR) 68.8% 30.6%
Utah 4.38% (4.62% APR) 73.7% 22.2%
Vermont 4.63% (4.82% APR) N/A N/A
Virginia 4.25% (4.36% APR) 71.7% 25.0%
Washington 4.38% (4.51% APR) 67.9% 21.4%
West Virginia 4.75% (4.95% APR) 67.0% 68.0%
Wisconsin 4.75% (4.95% APR) 68.3% 35.6%
Wyoming 4.38% (4.51% APR) 64.2% 23.0%

Home loan rates above are reflective of actual rates offered to borrowers by lenders on the LendingTree network. Lowest rates shown reflect the payment of one discount point. Rates will vary based on the borrower’s loan details and credit profile.

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