LendingTree Weekly Mortgage Rate Pulse: Rates Decrease Slightly

March 2, 2011 (Shirley Allen)
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According to the data collected on March 1, 2010, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 5.06 percent (5.28% APR) for 30-year fixed mortgages, which is down from 5.16 percent the week before, 4.29 percent (4.60% APR) for 15-year fixed mortgages, which was down from 4.37 percent the week before, and 3.79 percent (4.01% APR) for 5/1 adjustable rate mortgages (ARM), which was also down from 3.87 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 the same as the week before, 3.875 percent (4.12% APR) for a 15-year fixed mortgage, which is down from 4.000 percent the week before, and 3.125 percent (3.31% APR) for a 5/1 ARM, which was down from 3.25 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.

“This latest dip in mortgage rates combined with current low home prices are good news for home buyers,” said Cameron Findlay, LendingTree Chief Economist. “But there is a serious storm brewing in Washington that could raise the down payment required to get a loan to 20%. Federal regulators are in the final stages of defining new mortgage rules, stemming from the definition of a Qualified Residential Mortgage (QRM), that have the potential to limit the availability of credit and reduce the pool of eligible borrowers by as much as 35%.”

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 3/1/11

*Updated Quarterly

STATE LOWEST
MORTGAGE RATE
LOAN-TO-
VALUE RATIO*
% WITH
NEGATIVE
EQUITY*
Alabama 4.63% (4.77% 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% (4.89% APR) 70.1% 31.6%
Colorado 4.75% (4.93% APR) 72.1% 19.6%
Connecticut 4.75% (4.88% APR) 58.2% 11.9%
Delaware 4.63% (4.73% APR) 67.9% 13.3%
District of Columbia 4.63% (4.86% APR) 58.6% 15.2%
Florida 4.63% (4.77% 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% (4.89% 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 4.63% (4.77% 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 4.63% (4.86% APR) 68.8% 22%
Massachusetts 4.75% (4.87% APR) 60.3% 14.9%
Michigan 4.75% (4.90% 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 4.63% (4.72% APR) 61.3% 15.2%
New Mexico 4.75% (4.91% 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 4.63% (4.72% APR) 62.1% 7.4%
Rhode Island 4.75% (4.95% APR) – 61.6% 20%
South Carolina 4.75% (4.89% APR) 70.4% 14.2%
South Dakota 4.75% (4.87% APR) – N/A 22.5%
Tennessee 4.75% (4.90% 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 4.63% (4.86% 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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