LendingTree Mortgage Rate Pulse: Mortgage Rates Inch Downward

May 19, 2011 (Shirley Allen)

According to the data collected on May 17, 2011, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 4.79 percent (5.03% APR) for 30-year fixed mortgages, which is down from 4.86 percent from the previous week, 4.00 percent (4.39% APR) for 15-year fixed mortgages, which was the same rate reported in the previous week, and 3.42 percent (3.62% APR) for 5/1 adjustable rate mortgages (ARM), which was down from 3.44 percent reported in the previous weeks 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 was down from 4.50 percent offered the previous week, 3.5 percent (3.74% APR) for a 15-year fixed mortgage, which was down from 3.625 percent offered the previous week, and 2.875 percent (3.17% APR) for a 5/1 ARM, which was down from 3.00 percent offered last week.

“With rates continuing their month-long decline, we’re seeing a significant savings opportunity for borrowers who’ve been waiting to refinance,” said Mona Marimow, LendingTree Senior Vice President. “Our latest data shows that LendingTree customers save an average of $301 per month on their refinance loan, and, with rates falling and refinance applications increasing, there could be even more opportunity for savings. The spread between rates offered by lenders is widening, meaning there’s more room for competition – and price negotiation – in the market.”

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 5/18/11

*Updated Quarterly

STATE LOWEST MORTGAGE RATE LOAN-TO-VALUE RATIO* % WITH 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% (4.50% APR) 70.6% 34.8%
Colorado 4.38% (4.51% 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 4.38% (4.61% APR) 58.3% 25.5%
Florida 4.25% (4.36% APR) 90.8% 41.1%
Georgia 4.38% (4.51% APR) 80.9% 25.8%
Hawaii 4.50% (4.63% 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 4.38% (4.56% 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% (4.52% 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% (4.51% APR) 66.4% 45.8%
New York 4.38% (4.48% 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 4.38% (4.49% APR) N/A N/A
Tennessee 4.38% (4.50% APR) 71.2% 30.7%
Texas 4.38% (4.50% 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% (4.50% 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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