LendingTree Weekly Mortgage Rate Pulse: Rates Fall Slightly

LendingTree Weekly Mortgage Rate Pulse: Rates Fall Slightly

January 12, 2011 (Shirley Allen)
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According to the data collected on January 11th for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders were 4.97 percent (5.22% APR) for 30-year fixed mortgages, down from 5.01 percent the week before, 4.31 percent (4.69% APR) for 15-year fixed mortgages, which was down from 4.34 the week before, and 3.78 percent (4.02% APR) for 5/1 adjustable rate mortgages (ARM), which was down from 4.07 percent from the previous week.

The lowest mortgage rates offered on the same day by lenders on the LendingTree network were 4.375 percent (4.57% APR) for a 30-year fixed mortgage, down from 4.625 percent the previous week, 3.75 percent (3.99% APR) for a 15-year fixed mortgage, down from 3.875 from the week before, and 3.000 percent (3.21% APR) for a 5/1 ARM, which was down from 3.125 percent from the previous week.

“The party is over when it comes to record-low mortgage rates,” said Cameron Findlay, LendingTree chief economist. “Fannie Mae recently announced some key changes that are expected to cause mortgage rates to rise: Loan-Level Price Adjustments and Adverse Market Delivery Charges. To the average consumer, this may sound like a lot of industry jargon, but these changes are going to translate into real cost to borrowers in the upcoming weeks. The Fannie Mae changes will go into effect on April 1, but borrowers will likely see an impact in rates by February 1. For homeowners looking to save on their monthly expenses now is the time to refinance.”

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 1/12/10

*Updated Quarterly

STATE LOWEST MORTGAGE RATE LOAN-TO-VALUE RATIO* % WITH NEGATIVE EQUITY*
Alabama 4.50% (4.63% APR) 67% 9.8%
Alaska 4.63% (4.82% APR) 67% 10.6%
Arizona 4.63% (4.77% APR) 94% 50%
Arkansas 4.63% (4.82% APR) 74% 12%
California 4.50% (4.63% APR) 70% 32.8%
Colorado 4.50% (4.67% APR) 72% 19.7%
Connecticut 4.38% (4.48% APR) 58% 12%
Delaware 4.38% (4.48% APR) 68% 13.5%
District of Columbia 4.50% (4.74% APR) 59% 15.5%
Florida 4.38% (4.51% APR) 90% 46.4%
Georgia 4.38% (4.52% APR) 80% 28.1%
Hawaii 4.63% (4.71% APR) 55% 10.7%
Idaho 4.50% (4.64% APR) 73% 23.7%
Illinois 4.50% (4.63% APR) 71% 19.7%
Indiana 4.50% (4.63% APR) 70% 11%
Iowa 4.63% (4.82% APR) 67% 8.8%
Kansas 4.38% (4.57% APR) 70% 10.8%
Kentucky 4.38% (4.57% APR) 67% 8.5%
Louisiana 4.38% (4.57% APR) N/A 23%
Maine 4.50% (4.70% APR) N/A 23%
Maryland 4.38% (4.61% APR) 69% 22.2%
Massachusetts 4.63% (4.75% APR) 60% 15%
Michigan 4.50% (4.63% APR) 86% 38%
Minnesota 4.38% (4.48% APR) 65% 16.3%
Mississippi 4.38% (4.57% APR) N/A 23%
Missouri 4.38% (4.57% APR) 71% 15.5%
Montana 4.63% (4.71% APR)   60% 7.7%
Nebraska 4.63% (4.82% APR)   73% 9.3%
Nevada 4.63% (4.76% APR) 120% 68.1%
New Hampshire 4.63% (4.75% APR) 69% 18.4%
New Jersey 4.38% (4.48% APR) 61% 15.4%
New Mexico 4.50% (4.65% APR) 66% 12.2%
New York 4.38% (4.48% APR) 50% 7.1%
North Carolina 4.38% (4.57% APR) 70% 10.4%
North Dakota 4.63% (4.82% APR) 60% 7.4%
Ohio 4.50% (4.63% APR) 74% 19.7%
Oklahoma 4.63% (4.82% APR) 70% 5.8%
Oregon 4.50% (4.66% APR) 69% 15.7%
Pennsylvania 4.38% (4.48% APR) 62% 7.3%
Rhode Island 4.50% (4.70% APR) 62% 20.3%
South Carolina 4.50% (4.64% APR) 71% 14.3%
South Dakota 4.63% (4.82% APR) N/A 23%
Tennessee 4.38% (4.57% APR) 71% 13.8%
Texas 4.50% (4.63% APR) 70% 11.3%
Utah 4.50% (4.74% APR) 73% 20.4%
Vermont 4.38% (4.57% APR) N/A 23%
Virginia 4.38% (4.48% APR) 71% 22.7%
Washington 4.50% (4.63% APR) 66% 15.2%
West Virginia 4.63% (4.82% APR) N/A 23%
Wisconsin 4.63% (4.82% APR) 67% 13.7%
Wyoming 4.50% (4.64% APR) N/A 23%

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.

More information is available here:

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