LendingTree Weekly Mortgage Rate Pulse: Mortgage Rates Back Up Slightly

March 31, 2011 (Shirley Allen)
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According to the data collected on March 29, 2010, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 5.06 percent (5.27% APR) for 30-year fixed mortgages, which is up from 5.02 percent the previous week, 4.23 percent (4.56% APR) for 15-year fixed mortgages, which is up from 4.15 percent the previous week, and 3.70 percent (3.79% APR) for 5/1 adjustable rate mortgages (ARM), which was up from 3.63 percent the previous week.

The lowest mortgage rates offered on the same day by lenders on the LendingTree network was 4.75 percent (4.95% APR) for a 30-year fixed mortgage, which is up from 4.50 quoted the week before, 3.75 percent (3.99% APR) for a 15-year fixed mortgage, which is the same rate quoted as the previous week, and 3.125 percent (3.31% APR) for a 5/1 ARM, which was up from 3.00 percent quoted the week before.

“The definition of a qualified residential mortgage (QRM) announced yesterday is likely to make borrowing both more difficult and more expensive for consumers,” said Cameron Findlay, LendingTree Chief Economist. “The proposed rule would mandate a 20 percent down payment; a standard that is sure to be a barrier given that in 2010 only 30% percent of first-time home buyers put down more than 10 percent. Rates are expected to move higher due to the forced injection of private label back into the market. All in all it adds up to a more challenging environment for borrowers in the coming year.”

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 3/29/11 

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

% WITH NEGATIVE EQUITY*

US Average

4.75% (4.99% APR)

70.2%

35.0%

STATE

LOWEST MORTGAGE RATE

67.0%

28.9%

Alabama

4.63% (4.77% APR)

66.3%

17.3%

Alaska

4.75% (4.95% APR)

94.6%

39.4%

Arizona

4.63% (4.74% APR)

72.6%

43.9%

Arkansas

4.50% (4.62% APR)

70.6%

34.8%

California

4.63% (4.74% APR)

71.9%

22.2%

Colorado

4.75% (4.89% APR)

59.5%

43.3%

Connecticut

4.63% (4.74% APR)

67.6%

50.3%

Delaware

4.50% (4.61% APR) ­

58.3%

25.5%

District of Columbia

4.63% (4.86% APR) 

90.8%

41.1%

Florida

4.63% (4.77% APR)

80.9%

25.8%

Georgia

4.63% (4.77% APR)

54.2%

25.4%

Hawaii

4.75% (4.95% APR)

73.4%

29.8%

Idaho

4.75% (4.89% APR)

72.4%

31.7%

Illinois

4.75% (4.88% APR)

69.4%

28.5%

Indiana

4.63% (4.81% APR)

66.7%

42.9%

Iowa

4.75% (4.95% APR)

70.5%

31.8%

Kansas

4.75% (4.95% APR)

67.6%

53.1%

Kentucky

4.63% (4.77% APR)

78.5%

75.5%

Louisiana

4.75% (4.95% APR)

58.6%

30.1%

Maine

4.63% (4.74% APR)

70.4%

25.6%

Maryland

4.63% (4.72% APR)

60.7%

46.0%

Massachusetts

4.75% (4.87% APR)

84.3%

32.2%

Michigan

4.63% (4.74% APR)

65.6%

22.2%

Minnesota

4.75% (4.88% APR)

78.4%

30.1%

Mississippi

4.75% (4.95% APR)

71.6%

31.0%

Missouri

4.63% (4.77% APR)

60.2%

33.4%

Montana

4.75% (4.95% APR)

72.3%

46.5%

Nebraska

4.75% (4.95% APR)

118.0%

55.3%

Nevada

4.75% (4.95% APR)

69.8%

25.2%

New Hampshire

4.75% (4.87% APR)

62.2%  

29.0%

New Jersey

4.63% (4.72% APR)

66.4%

45.8%

New Mexico

4.75% (4.89% APR)

50.1%

42.1%

New York

4.75% (4.86% APR)

71.2%

33.2%

North Carolina

4.75% (4.95% APR)

60.1%

37.7%

North Dakota

4.75% (4.95% APR)

75.4%

27.0%

Ohio

4.63% (4.74% APR)

71.0%

52.4%

Oklahoma

4.63% (4.74% APR)

69.6%

19.6%

Oregon

4.75% (4.92% APR)

62.5%

75.7%

Pennsylvania

4.63% (4.72% APR)

62.6%

36.6%

Rhode Island

4.75% (4.95% APR)

71.0%

29.0%

South Carolina

4.75% (4.89% APR)

N/A

N/A

South Dakota

4.63% (4.74% APR)

71.2%

30.7%

Tennessee

4.63% (4.77% APR)

68.8%

30.6%

Texas

4.63% (4.74% APR)

73.7%

22.2%

Utah

4.75% (5.00% APR)

N/A

N/A

Vermont

4.75% (4.95% APR)

71.7%

25.0%

Virginia

4.63% (4.86% APR)

67.9%

21.4%

Washington

4.75% (4.91% APR)

67.0%

68.0%

West Virginia

4.75% (4.95% APR)

68.3%

35.6%

Wisconsin

4.75% (4.95% 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

Sources:
LendingTree.com
PRNewswire