LendingTree Weekly Mortgage Rate Pulse: Rates Rise Slightly

January 26, 2011 (Shirley Allen)
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According to the data collected on January 25th for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders were 5.05 percent (5.33% APR) for 30-year fixed mortgages, up slightly from 5.03 percent the week before, 4.29 percent (4.75% APR) for 15-year fixed mortgages, which was down slightly from 4.33 the week before, and 3.72 percent (3.99% APR) for 5/1 adjustable rate mortgages (ARM), which was down from 3.77 percent from the previous week.

The lowest mortgage rates offered on the same day by lenders on the LendingTree network were 4.75 percent (4.89% APR) for a 30-year fixed mortgage, up from 4.5 percent the previous week, 3.88 percent (4.12% APR) for a 15-year fixed mortgage, up from 3.75 percent the week before, and 3.13 percent (3.25% APR) for a 5/1 ARM, up from 3.00 percent the week before.

“By late April, federal banking agencies will define what is considered a Qualified Residential Mortgage,” said Cameron Findlay, LendingTree chief economist. “A defined mortgage will be set by parameters like the borrower’s loan-to-value ratio, debt-to-income ratio and FICO score. Basically what this means to borrowers is that any loan that falls outside the new QRM parameters will incur a large premium. This has the potential to equate to higher costs for thousands of borrowers. For consumers thinking about purchasing or refinancing, time is of the essence.”

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 1/25/10

*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 4.63% (4.74% APR) 92.4% 48.6%
Arkansas 4.75% (4.87% APR) 73.6% 11.6%
California 4.75% (4.88% APR) 70.1% 31.6%
Colorado 4.75% (4.89% APR) 72.1% 19.6%
Connecticut 4.75% (4.88% APR) 58.2% 11.9%
Delaware 4.50% (4.61% APR) 67.9% 13.3%
District of Columbia 4.63% (4.86% APR) 58.6% 15.2%
Florida 4.50% (4.61% APR) 88.7% 45.5%
Georgia 4.63% (4.77% APR) 79.8% 28%
Hawaii 4.75% (4.84% 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% (4.88% 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% (4.72% 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% (4.88% APR) 65.5% 16.2%
Mississippi 4.75% (4.95% APR) N/A 22.5%
Missouri 4.63% (4.77% 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 4.50% (4.59% 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 4.63% (4.73% 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 4.63% (4.77% APR) 70.9% 13.9%
Texas 4.63% (4.76% 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% (4.77% APR) 70.5% 22.1%
Washington 4.75% (4.86% 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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