LendingTree Weekly Mortgage Rate Pulse: Rates Decrease Slightly

February 23, 2011 (Shirley Allen)
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According to the data collected on February 22, 2010, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 5.16 percent (5.39% APR) for 30-year fixed mortgages, which is down from 5.25 percent the week before, 4.37 percent (4.70% APR) for 15-year fixed mortgages, which was down from 4.42 percent the week before, and 3.87 percent (4.04% APR) for 5/1 adjustable rate mortgages (ARM), which was also down from 4.07 percent from the previous week.

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 down from 4.875 percent the previous week, 4.000 percent (4.24% APR) for a 15-year fixed mortgage, which is down from 4.125 percent the week before, and 3.25 percent (3.3% APR) for a 5/1 ARM, which was down from 3.375 percent the week before.

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.

“While overall consumer confidence is rising, we expect this week’s housing numbers will show that confidence doesn’t translate to the housing market,” said Cameron Findlay, LendingTree Chief Economist. “S&P/Case-Shiller results indicate we are on the precipice of a double dip in housing, and we’re forecasting existing and new home sales to show month-over-month declines. That said, home ownership remains affordable with mortgage rates continuing to hover around 5% for a 30-year fixed loan. But with government reform of Fannie Mae and Freddie Mac on the horizon, don’t expect that affordability to last.”

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 2/22/11

*Updated Quarterly

STATE LOWEST MORTGAGE RATE LOAN-TO-VALUE RATIO* % WITH NEGATIVE EQUITY*
Alabama 4.75% (4.89% APR) 67.1% 10.5%
Alaska 4.75% (4.95% APR) 67% 8.9%
Arizona 4.75% (4.89% APR) 92.4% 48.6%
Arkansas 4.75% (4.87% APR) 73.6% 11.6%
California 4.75% (4.86% APR) 70.1% 31.6%
Colorado 4.75% (4.89% APR) 72.1% 19.6%
Connecticut 4.75% (4.86% APR) 58.2% 11.9%
Delaware 4.75% (4.84% APR) 67.9% 13.3%
District of Columbia 4.75% (4.89% APR)   58.6% 15.2%
Florida 4.75% (4.84% APR) 88.7%   45.5%
Georgia 4.75% (4.90% APR) 79.8% 28%
Hawaii 4.75% (4.95% APR) 55.5% 10.7%
Idaho 4.75% (4.89% APR) 74.1% 25.3%
Illinois 4.75% (4.84% APR) 70.6% 19.4%
Indiana 4.75% (4.94% APR) 70% 11.3%
Iowa 4.75% (4.95% APR) 66.9% 8.7%
Kansas 4.75% (4.95% APR) 70.6% 11.1%
Kentucky 4.75% (4.90% APR) 68% 8.9%
Louisiana 4.75% (4.95% APR) N/A 22.5%
Maine 4.75% (4.95% APR) N/A 22.5%
Maryland 4.75% (4.84% APR) 68.8% 22%
Massachusetts 4.75% (4.95% APR) 60.3% 14.9%
Michigan 4.75% (4.89% APR) 85.5% 37.6%
Minnesota 4.75% (4.86% APR) 65.5% 16.2%
Mississippi 4.75% (4.95% APR) N/A 22.5%
Missouri 4.75% (4.90% APR) 71.5% 15.7%
Montana 4.75% (4.84% APR) 60.1% 7.7%
Nebraska 4.75% (4.95% APR) 73.1% 9.6%
Nevada 4.75% (4.89% APR) 118.7% 66.5%
New Hampshire 4.75% (4.87% APR) 69% 17.7%
New Jersey 4.75% (4.86% APR) 61.3% 15.2%
New Mexico 4.75% (4.89% APR) 66.4% 12.6%
New York 4.75% (4.86% APR) 49.8% 7%
North Carolina 4.75% (4.89% APR) 70.3% 10.5%
North Dakota 4.75% (4.95% APR) 59.9% 7.4%
Ohio 4.75% (4.95% APR) 74.7% 20%
Oklahoma 4.75% (4.87% APR) 70.7% 6.0%
Oregon 4.75% (4.92% APR) 68.7% 15.6%
Pennsylvania 4.75% (4.86% APR) 62.1% 7.4%
Rhode Island 4.75% (4.95% APR) 61.6% 20%
South Carolina 4.75% (4.88% APR) 70.4% 14.2%
South Dakota 4.75% (4.87% APR) N/A 22.5%
Tennessee 4.75% (4.88% APR) 70.9% 13.9%
Texas 4.75% (4.89% APR) 69.5% 11.2%
Utah 4.75% (5.00% APR) 73.6% 20.7%
Vermont 4.75% (4.95% APR) N/A 22.5%
Virginia 4.75% (4.89% APR) 70.5% 22.1%
Washington 4.75% (4.91% APR) 66.2% 14.9%
West Virginia 4.75% (4.95% APR) N/A 22.5%
Wisconsin 4.75% (4.95% APR) 67.2% 13.1%
Wyoming 4.75% (4.89% APR) N/A 22.5%

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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