LendingTree Weekly Mortgage Rate Pulse: Mortgage Rates Decline Slightly for the Week

April 21, 2011 (Shirley Allen)
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According to the data collected on April 20, 2010, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 5.00 percent (5.21% APR) for 30-year fixed mortgages, which is down from 5.11 percent from the previous week, 4.20 percent (4.54% APR) for 15-year fixed mortgages, which is down from 4.28 percent reported in the previous week, and 3.60 percent (3.88% APR) for 5/1 adjustable rate mortgages (ARM), which was also down from 3.76 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 (4.82% APR) for a 30-year fixed mortgage, which is down from 4.75percent offered the previous week, 3.75 percent (3.99% APR) for a 15-year fixed mortgage, which is down from 3.88 percent the previous week, and 3.00 percent (3.21% APR) for a 5/1 ARM, which down from 3.125 percent last week.

“The rise in existing home sales announced today indicates that home buying season is in full swing,” said Mona Marimow, Senior Vice President of LendingTree.com. “Home buyers around the country are shopping for their perfect home, comparing everything from lot size to layout of different properties. But many home buyers won’t use nearly the same diligence when shopping for their mortgage. A recent LendingTree survey found that nearly 40% of consumers obtain just one home loan quote, meaning they could be missing an opportunity to obtain a lower rate or better terms.”

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 4/19/11

*Updated Quarterly

STATE LOWEST MORTGAGE RATE LOAN-TO-VALUE RATIO* % WITH NEGATIVE EQUITY*
US Average 4.63% (4.82% APR) 70.2% 35.0%
Alabama 4.50% (4.62% APR) 67.0% 28.9%
Alaska 4.63% (4.82% 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 4.50% (4.70% APR) 71.9% 22.2%
Connecticut 4.50% (4.62% APR) 59.5% 43.3%
Delaware 4.50% (4.59% 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 4.50% (4.70% APR) 80.9% 25.8%
Hawaii 4.63% (4.82% APR) 54.2% 25.4%
Idaho 4.63% (4.76% APR) 73.4% 29.8%
Illinois 4.50% (4.70% APR) 72.4% 31.7%
Indiana 4.63% (4.82% 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% (4.82% APR) 67.6% 53.1%
Louisiana 4.63% (4.82% APR) 78.5% 75.5%
Maine 4.63% (4.82% APR) 58.6% 30.1%
Maryland 4.50% (4.74% APR) 70.4% 25.6%
Massachusetts 4.63% (4.82% APR) 60.7% 46.0%
Michigan 4.50% (4.64% APR) 84.3% 32.2%
Minnesota 4.63% (4.73% APR) 65.6% 22.2%
Mississippi 4.50% (4.70% APR) 78.4% 30.1%
Missouri 4.50% (4.62% APR) 71.6% 31.0%
Montana 4.63% (4.82% APR) 60.2% 33.4%
Nebraska 4.63% (4.82% APR) 72.3% 46.5%
Nevada 4.63% (4.82% 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% (4.82% 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 4.50% (4.70% 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% (4.77% APR) 71.0% 29.0%
South Dakota 4.50% (4.62% APR) N/A N/A
Tennessee 4.63% (4.82% APR) 71.2% 30.7%
Texas 4.50% (4.63% APR) 68.8% 30.6%
Utah 4.50% (4.70% APR) 73.7% 22.2%
Vermont 4.50% (4.70% 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 4.63% (4.82% APR) 67.0% 68.0%
Wisconsin 4.63% (4.82% APR) 68.3% 35.6%
Wyoming 4.50% (4.70% 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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