LendingTree Weekly Mortgage Rate Pulse: Rates Down Slightly

February 16, 2011 (Shirley Allen)
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According to the data collected on February 15, 2010, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 5.25 percent (5.52% APR) for 30-year fixed mortgages, which is down from 5.31 percent the week before, 4.42 percent (4.81% APR) for 15-year fixed mortgages, which was down from 4.48 percent the week before, and 4.07 percent (4.28% APR) for 5/1 adjustable rate mortgages (ARM), which was also down from 4.12 percent from the previous week.

The lowest mortgage rates offered on the same day by lenders on the LendingTree network was 4.875 percent (5.02% APR) for a 30-year fixed mortgage, which is the same as the previous week, 4.125 percent (4.37% APR) for a 15-year fixed mortgage, which was also the same as the week before, and 3.375 percent (3.34% APR) for a 5/1 ARM, which was up slightly 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.

“Homeowners and homebuyers in high priced areas of the country should circle September 2011 on their calendars,” said Cameron Findlay, LendingTree Chief Economist. “That’s when the current loan limits are expected to expire. Without a third extension, the highest loan limit will fall from $729,500 (or 125% of the Local Area Median Price) to $625,000 (or 115% of the LAMP), leaving borrowers with the potential to face three residual effects. First, the expiration could yield as much as a 2% decline in home prices; second, stricter qualifying criteria as borrowers who fall outside the High Conforming Loan Limit are limited to private lending options; and third, an increase in rates for higher loan amounts by as much as 0.40% to 0.75%. Homeowners and homebuyers in the market for a new loan may want to act quickly before these changes adversely affect their ability to qualify.”

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 2/15/11

*Updated Quarterly

STATE LOWEST MORTGAGE
RATE
LOAN-TO-VALUE
RATIO*
% WITH NEGATIVE
EQUITY*
Alabama 4.75% (4.90% APR) 67.1% 10.5%
Alaska 4.88% (5.08% APR) 67% 8.9%
Arizona 4.75% (4.87% APR) 92.4% 48.6%
Arkansas 4.75% (4.87% APR) 73.6% 11.6%
California 4.75% (4.87% APR) 70.1% 31.6%
Colorado 4.75% (4.95% APR) 72.1% 19.6%
Connecticut 4.75% (4.86% APR) 58.2% 11.9%
Delaware 4.75% (4.86% APR) 67.9% 13.3%
District of Columbia 4.75% (4.89% APR) 58.6% 15.2%
Florida 4.75% (4.86% APR) 88.7% 45.5%
Georgia 4.75% (4.95% APR) 79.8% 28%
Hawaii 4.88% (5.00% APR) 55.5% 10.7%
Idaho 4.88% (5.02% APR) 74.1% 25.3%
Illinois 4.86% (5.00% APR) 70.6% 19.4%
Indiana 4.75% (4.94% APR) 70% 11.3%
Iowa 4.88% (5.08% APR) 66.9% 8.7%
Kansas 4.88% (5.08% 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 4.88% (5.08% APR) N/A 22.5%
Maryland 4.75% (4.99% APR) 68.8% 22%
Massachusetts 4.88% (5.00% APR) 60.3% 14.9%
Michigan 4.75% (4.95% 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% (4.89% APR) 71.5% 15.7%
Montana 4.88% (5.08% APR) 60.1% 7.7%
Nebraska 4.88% (5.08% APR) 73.1% 9.6%
Nevada 4.88% (5.08% APR) 118.7% 66.5%
New Hampshire 4.75% (4.87% APR) 69% 17.7%
New Jersey 4.75% (4.84% APR) 61.3% 15.2%
New Mexico 4.88% (5.02% APR) 66.4% 12.6%
New York 4.75% (4.86% APR) 49.8% 7%
North Carolina 4.88% (5.02% APR) 70.3% 10.5%
North Dakota 4.88% (5.08% APR) 59.9% 7.4%
Ohio 4.88% (5.00% APR) 74.7% 20%
Oklahoma 4.75% (4.87% APR) 70.7% 6.0%
Oregon 4.88% (5.04% APR) 68.7% 15.6%
Pennsylvania 4.75% (4.84% APR) 62.1% 7.4%
Rhode Island 4.88% (5.08% APR) 61.6% 20%
South Carolina 4.88% (5.02% APR) 70.4% 14.2%
South Dakota 4.75% (4.87% APR) N/A 22.5%
Tennessee 4.88% (5.01% APR) 70.9% 13.9%
Texas 4.75% (4.87% APR) 69.5% 11.2%
Utah 4.75% (4.95% APR) 73.6% 20.7%
Vermont 4.75% (4.95% APR) N/A 22.5%
Virginia 4.75% (4.86% APR) 70.5% 22.1%
Washington 4.88% (5.03% APR) 66.2% 14.9%
West Virginia 4.88% (5.08% APR) N/A 22.5%
Wisconsin 4.88% (5.08% APR) 67.2% 13.1%
Wyoming 4.75% (4.95% 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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