LendingTree Mortgage Rate Pulse: Mortgage Rates at Lowest Level in 6 Months

June 9, 2011 (Shirley Allen)

According to the data collected on June 7, 2011, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 4.71 percent (4.95% APR) for 30-year fixed mortgages, which is down from 4.82 percent from the previous survey, 3.99 percent (4.37% APR) for 15-year fixed mortgages, which is down from 4.04 percent reported in the previous survey, and 3.27 percent (3.47% APR) for 5/1 adjustable rate mortgages (ARM), which was down from 3.51 percent reported in the previous survey.

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 during the previous survey, 3.375 percent (3.61% APR) for a 15-year fixed mortgage, which is down from 3.50 percent offered in the previous survey, and 2.75 percent (3.12% APR) for a 5/1 ARM, which is down from 2.875 percent offered in the previous survey.

Mortgage rates are continuing their nose dive, now hitting the lowest level we’ve seen in over six months,” said Cameron Findlay, Chief Economist of LendingTree.com. “While low mortgage rates are important for the housing market recovery, the ability of borrowers to qualify and take advantage of these rates is of equal importance. The federal definition of a Qualified Residential Mortgage (QRM) has the potential to severely limit the number of borrowers who can qualify for a mortgage, thus further depressing the housing market and pushing out the recovery timeline by years.“

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 6/7/11

*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 4.25% (4.36% 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 4.38% (4.51% 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 4.38% (4.50% 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 4.38% (4.53% APR) 66.4% 45.8%
New York 4.25% (4.36% 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 4.38% (4.49% APR) 71.0% 52.4%
Oregon 4.38% (4.54% 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 4.25% (4.37% 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.

More information is available here:

Tags: lendingtree, mortgage rates, mortgage loans, average home rates, 30 year fixed, 15 year fixed, 5/1 arm, adjustable rate mortgage, fixed mortgage, freddie mac, lenders

Source:
Lending Tree