LendingTree Weekly Mortgage Rate Pulse: Mortgage Rates on the Rise

April 13, 2011 (Shirley Allen)
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According to the data collected on April 12, 2010, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 5.11 percent (5.31% APR) for 30-year fixed mortgages, which is up from 5.06 percent reported in the previous survey, 4.28 percent (4.59% APR) for 15-year fixed mortgages, which is up from 4.23 percent reported in the previous survey, and 3.76 percent (3.88% APR) for 5/1 adjustable rate mortgages (ARM), which was also up from 3.70 percent reported in the previous survey.

The lowest mortgage rates offered on the same day by lenders on the LendingTree network was 4.75 percent (4.89% APR) for a 30-year fixed mortgage, which is the same as the previous survey, 3.88 percent (3.12% APR) for a 15-year fixed mortgage, which is up from 3.75 percent in their the previous survey, and 3.125 percent (3.25% APR) for a 5/1 ARM, which is the same as the previous survey.

“A number of factors, including demand for US debt, are putting continued pressure on rates to fall,” said Cameron Findlay, LendingTree Chief Economist. “But mortgage rates have reached the bottom rung. Rates today are surprisingly low – just 16 percent higher than their all-time low despite a 50 percent rise in 10-year Treasuries during the same time frame. This shows us that the spread compression benefit is over, and rates will have a higher propensity to rise in the event of debt market sell offs.”

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 4/12/11

*Updated Quarterly

STATE LOWEST MORTGAGE RATE LOAN-TO-VALUE RATIO*

% WITH NEGATIVE EQUITY*

US Average 4.75% (4.89% APR) 70.2% 35.0%
Alabama 4.75% (4.95% APR) 67.0% 28.9%
Alaska 4.75% (4.95% APR) 66.3% 17.3%
Arizona 4.75% (4.89% APR) 94.6% 39.4%
Arkansas 4.75% (4.87% APR) 72.6% 43.9%
California 4.75% (4.89% APR) 70.6% 34.8%
Colorado 4.75% (4.89% APR) 71.9% 22.2%
Connecticut 4.75% (4.88% APR) 59.5% 43.3%
Delaware 4.75% (4.84% APR) 67.6% 50.3%
District of Columbia 4.75% (4.99% APR) 58.3% 25.5%
Florida 4.63% (4.72% APR) 90.8% 41.1%
Georgia 4.75% (4.90% APR) 80.9% 25.8%
Hawaii 4.88% (5.00% APR) 54.2% 25.4%
Idaho 4.75% (4.89% APR) 73.4% 29.8%
Illinois 4.75% (4.95% APR) 72.4% 31.7%
Indiana 4.63% (4.81% APR) 69.4% 28.5%
Iowa 4.75% (4.95% APR) 66.7% 42.9%
Kansas 4.75% (4.95% APR) 70.5% 31.8%
Kentucky 4.75% (4.90% APR) 67.6% 53.1%
Louisiana 4.75% (4.95% APR) 78.5% 75.5%
Maine 4.75% (4.95% APR) 58.6% 30.1%
Maryland 4.75% (4.88% APR) 70.4%   25.6%
Massachusetts 4.75% (4.87% APR) 60.7% 46.0%
Michigan 4.75% (4.88% APR) 84.3% 32.2%
Minnesota 4.75% (4.88% APR) 65.6% 22.2%
Mississippi 4.75% (4.95% APR) 78.4% 30.1%
Missouri 4.75% (4.89% APR) 71.6% 31.0%
Montana 4.75% (4.95% APR) 60.2% 33.4%
Nebraska 4.75% (4.95% APR) 72.3% 46.5%
Nevada 4.75% (4.95% APR) 118.0% 55.3%
New Hampshire 4.75% (4.87% APR) 69.8% 25.2%
New Jersey 4.75% (4.88% APR) 62.2%   29.0%
New Mexico 4.75% (4.89% APR) 66.4%   45.8%
New York 4.75% (4.86% APR) 50.1% 42.1%
North Carolina 4.75% (4.89% APR) 71.2% 33.2%
North Dakota 4.75% (4.95% APR) 60.1% 37.7%
Ohio 4.75% (4.87% APR) 75.4% 27.0%
Oklahoma 4.75% (4.87% APR) 71.0% 52.4%
Oregon 4.75% (4.92% APR) 69.6% 19.6%
Pennsylvania 4.63% (4.72% APR) 62.5% 75.7%
Rhode Island 4.75% (4.95% APR) 62.6% 36.6%
South Carolina 4.75% (4.88% APR) 71.0% 29.0%
South Dakota 4.75% (4.87% APR) N/A N/A
Tennessee 4.75% (4.90% APR) 71.2%   30.7%
Texas 4.75% (4.95% APR) 68.8%   30.6%
Utah 4.75% (5.00% APR) 73.7% 22.2%
Vermont 4.75% (4.95% APR) N/A N/A
Virginia 4.75% (4.89% APR) 71.7% 25.0%
Washington 4.75% (4.89% 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 4.75% (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.

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