LendingTree Weekly Mortgage Rate Pulse: Rates Jump Higher

February 9, 2011 (Shirley Allen)
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According to the data collected on February 8, 2010, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders were 5.31 percent (5.6% APR) for 30-year fixed mortgages, which is up from 5.05 percent the week before, 4.48 percent (4.91% APR) for 15-year fixed mortgages, which was up from 4.30 percent the week before, and 4.12 percent (4.34% APR) for 5/1 adjustable rate mortgages (ARM), which was up from 3.69 percent from the previous week.

The lowest mortgage rates offered on the same day by lenders on the LendingTree network were 4.875 percent (5.02% APR) for a 30-year fixed mortgage, up from 4.625 percent the previous week, 4.125 percent (4.37% APR) for a 15-year fixed mortgage, which was up from 3.88 percent the week before, and 3.25 percent (3.35% APR) for a 5/1 ARM, which was up from 3.13 percent the week before.

Borrowers searching for a loan by Tuesday generally found that rates had jumped 0.25 percent from the previous week.

“While the recent drop in the unemployment rate is considered good news, it will adversely affect borrowers as evidenced by the recent rise in bond yields,” said Cameron Findlay, LendingTree Chief Economist. “For borrowers, this is a double-edge sword. Improvement in the economy from reduced unemployment will translate into higher borrowing costs via higher rates as investors shed bonds caused by fear of inflation, eroding the fixed coupon payments from those investments. Homebuyers and homeowners who are able to refinance should take this into account as they plan their next steps.”

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 2/8/10

*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 4.88% (5.02% APR) 92.4% 48.6%
Arkansas 4.88% (5.00% APR) 73.6% 11.6%
California 4.88% (5.01% APR) 70.1% 31.6%
Colorado 4.88% (5.05% 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% (4.99% APR) 58.6% 15.2%
Florida 4.75% (4.86% APR) 88.7% 45.5%
Georgia 4.88% (5.02% APR) 79.8% 28%
Hawaii 4.88% (5.08% APR) 55.5% 10.7%
Idaho 4.88% (5.02% APR) 74.1% 25.3%
Illinois 4.88% (5.02% APR) 70.6% 19.4%
Indiana 4.88% (5.07% 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 4.88% (5.08% 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 4.88% (5.00% APR) 85.5% 37.6%
Minnesota 4.75% (4.86% APR) 65.5% 16.2%
Mississippi 4.88% (5.08% APR) N/A 22.5%
Missouri 4.88% (5.02% APR) 71.5% 15.7%
Montana 4.88% (4.96% APR) 60.1% 7.7%
Nebraska 4.88% (5.08% APR) 73.1% 9.6%
Nevada 4.88% (5.02% 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% (5.03% APR) 66.4% 12.6%
New York 4.88% (4.98% 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% (5.08% 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% (5.01% APR) 70.4% 14.2%
South Dakota 4.88% (5.00% 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 4.88% (5.12% APR) 73.6% 20.7%
Vermont 4.88% (5.08% APR) N/A 22.5%
Virginia 4.75% (4.86% APR) 70.5% 22.1%
Washington 4.88% (5.02% 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 4.88% (5.02% 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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