LendingTree Weekly Mortgage Rate Pulse: Mortgage Rates Continue to Decline

April 27, 2011 (Shirley Allen)
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According to the data collected on April 26, 2010, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 4.97 percent (5.19% APR) for 30-year fixed mortgages, which is down from 5.00 percent from the previous week, 4.15 percent (4.49% APR) for 15-year fixed mortgages, which is down from 4.20 percent reported in the previous week, and 3.59 percent (3.61% APR) for 5/1 adjustable rate mortgages (ARM), which was also down from 3.60 percent reported in the previous weeks survey.

The lowest mortgage rates offered on the same day by lenders on the LendingTree network were 4.625 percent (4.76% APR) for a 30-year fixed mortgage, which was the same rate offered the previous week, 3.75 percent (3.99% APR) for a 15-year fixed mortgage, which was the same rate offered the previous week, and 3.00 percent (3.21% APR) for a 5/1 ARM, which was also the same rate offered last week.

“Home affordability continues to break new records,” said Cameron Findlay, LendingTree Chief Economist. “The latest Case-Shiller numbers showing further home price declines, combined with consistently low mortgage rates translate to a favorable environment for homebuyers. The concern moving forward Is that this environment may not last long, as evidenced by fluctuations in the bond market in anticipation of the Fed’s comments this afternoon.”

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 4/27/11

*Updated Quarterly

STATE LOWEST MORTGAGE RATE LOAN-TO-VALUE RATIO* % WITH NEGATIVE EQUITY*
US Average 4.63% (4.76% APR) 70.2% 35.0%
Alabama 4.50% (4.62% APR) 67.0% 28.9%
Alaska 4.75% (4.95% APR) 66.3% 17.3%
Arizona 4.50% (4.62% APR) 94.6% 39.4%
Arkansas 4.50% (4.62% APR) 72.6% 43.9%
California 4.50% (4.62% APR) 70.6% 34.8%
Colorado 4.63% (4.76% APR) 71.9% 22.2%
Connecticut 4.50% (4.62% APR) 59.5% 43.3%
Delaware 4.38% (4.48% APR) 67.6% 50.3%
District of Columbia 4.50% (4.74% APR) 58.3% 25.5%
Florida 4.50% (4.59% APR) 90.8% 41.1%
Georgia 4.63% (4.77% APR) 80.9% 25.8%
Hawaii 4.75% (4.88% APR) 54.2% 25.4%
Idaho 4.63% (4.76% APR) 73.4% 29.8%
Illinois 4.63% (4.75% APR) 72.4% 31.7%
Indiana 4.50% (4.69% 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 4.63% (4.76% APR) 67.6% 53.1%
Louisiana 4.63% (4.82% APR) 78.5% 75.5%
Maine 4.50% (4.62% APR) 58.6% 30.1%
Maryland 4.50% (4.74% APR) 70.4% 25.6%
Massachusetts 4.63% (4.75% APR) 60.7% 46.0%
Michigan 4.50% (4.62% APR) 84.3% 32.2%
Minnesota 4.50% (4.62% APR) 65.6% 22.2%
Mississippi 4.63% (4.82% APR) 78.4% 30.1%
Missouri 4.50% (4.62% 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 4.63% (4.75% APR) 69.8% 25.2%
New Jersey 4.50% (4.59% APR) 62.2% 29.0%
New Mexico 4.63% (4.78% APR) 66.4% 45.8%
New York 4.50% (4.61% APR) 50.1% 42.1%
North Carolina 4.63% (4.76% APR) 71.2% 33.2%
North Dakota 4.63% (4.82% APR) 60.1% 37.7%
Ohio 4.63% (4.75% APR) 75.4% 27.0%
Oklahoma 4.50% (4.62% APR) 71.0% 52.4%
Oregon 4.63% (4.79% APR) 69.6% 19.6%
Pennsylvania 4.50% (4.59% APR) 62.5% 75.7%
Rhode Island 4.63% (4.82% APR) 62.6% 36.6%
South Carolina 4.63% (4.75% APR) 71.0% 29.0%
South Dakota 4.50% (4.62% APR) N/A N/A
Tennessee 4.63% (4.76% APR) 71.2% 30.7%
Texas 4.50% (4.63% APR) 68.8% 30.6%
Utah 4.63% (4.87% APR) 73.7% 22.2%
Vermont 4.63% (4.82% APR) N/A N/A
Virginia 4.50% (4.74% APR) 71.7% 25.0%
Washington 4.63% (4.78% 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 4.63% (4.76% 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:


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