LendingTree Weekly Mortgage Rate Pulse: Mortgage Rates Decline Slightly

May 4, 2011 (Shirley Allen)
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According to the data collected on May 3, 2011, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 4.90 percent (5.10% APR) for 30-year fixed mortgages, which is down from 4.97 percent from the previous week, 4.10 percent (4.41% APR) for 15-year fixed mortgages, which is down from 4.15 percent reported in the previous week, and 3.44 percent (3.64% APR) for 5/1 adjustable rate mortgages (ARM), which was down from 3.59 percent reported in the previous weeks survey.

The lowest mortgage rates offered on the same day by lenders on the LendingTree network were 4.50 percent (4.64% APR) for a 30-year fixed mortgage, which was down from 4.625 percent 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 2.88 percent (3.17% APR) for a 5/1 ARM, which was down from 3.00 percent offered last week.

“Rates have been on a continuous decline for the past months, with 5/1 ARMs in particular making a resurgence,” said Cameron Findlay, LendingTree Chief Economist. “Rates for 5/1 ARMS are now the lowest they’ve been in six months, with average rates as low as 3.44 percent. These low initial rates, combined with transparent caps and more conservative underwriting, make 5/1 ARMs an attractive option for some borrowers. Today, the lifetime cap on most 5/1 ARMs is 5%, which translates to a maximum possible rate of 8.44%. Not very intimidating considering 30 year fixed rates have averaged 8.88% over the last 40 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 5/3/11

            *Updated Quarterly

STATE

LOWEST MORTGAGE
RATE

LOAN-TO-VALUE
RATIO*

% WITH NEGATIVE EQUITY*

US Average 4.50% (4.64% APR) 70.2% 35.0%
Alabama 4.50% (4.63% APR) 67.0% 28.9%
Alaska 4.75% (4.95% APR) 66.3% 17.3%
Arizona 4.50% (4.64% APR) 94.6% 39.4%
Arkansas 4.50% (4.62% APR) 72.6% 43.9%
California 4.38% (4.48% APR) 70.6% 34.8%
Colorado 4.50% (4.68% APR) 71.9% 22.2%
Connecticut 4.38% (4.48% APR) 59.5% 43.3%
Delaware 4.38% (4.48% APR) 67.6% 50.3%
District of Columbia 4.38% (4.61% APR) 58.3% 25.5%
Florida 4.38% (4.48% APR) 90.8% 41.1%
Georgia 4.50% (4.63% APR) 80.9% 25.8%
Hawaii 4.63% (4.75% APR) 54.2% 25.4%
Idaho 4.50% (4.64% APR) 73.4% 29.8%
Illinois 4.50% (4.62% APR) 72.4% 31.7%
Indiana 4.50% (4.63% 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 4.38% (4.52% 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 4.38% (4.47% APR) 70.4% 25.6%
Massachusetts 4.63% (4.75% APR) 60.7% 46.0%
Michigan 4.50% (4.63% APR) 84.3% 32.2%
Minnesota 4.38% (4.48% APR) 65.6% 22.2%
Mississippi 4.63% (4.82% APR) 78.4% 30.1%
Missouri 4.50% (4.63% 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 4.50% (4.62% APR) 69.8% 25.2%
New Jersey 4.38% (4.48% APR) 62.2% 29.0%
New Mexico 4.50% (4.65% APR) 66.4% 45.8%
New York 4.50% (4.61% APR) 50.1% 42.1%
North Carolina 4.50% (4.64% APR) 71.2% 33.2%
North Dakota 4.63% (4.82% APR) 60.1% 37.7%
Ohio 4.50% (4.62% APR) 75.4% 27.0%
Oklahoma 4.50% (4.62% APR) 71.0% 52.4%
Oregon 4.50% (4.66% APR) 69.6% 19.6%
Pennsylvania 4.38% (4.48% APR) 62.5% 75.7%
Rhode Island 4.63% (4.82% APR) 62.6% 36.6%
South Carolina 4.50% (4.63% APR) 71.0% 29.0%
South Dakota 4.38% (4.49% APR) N/A N/A
Tennessee 4.50% (4.63% APR) 71.2% 30.7%
Texas 4.38% (4.50% APR) 68.8% 30.6%
Utah 4.50% (4.74% APR) 73.7% 22.2%
Vermont 4.63% (4.82% APR) N/A N/A
Virginia 4.38% (4.61% APR) 71.7% 25.0%
Washington 4.50% (4.63% 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 4.50% (4.64% 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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Tags: lendingtree, mortgage rates, mortgage loans, average home rates, 30 year fixed, 15 year fixed, 5/1 arm, adjustable rate mortgage, fixed mortgage, lenders