LendingTree Weekly Mortgage Rate Pulse: Rates Stable for the Week

March 9, 2011 (Shirley Allen)
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According to the data collected on March 8, 2010, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 5.08 percent (5.29% APR) for 30-year fixed mortgages, which is up from 5.06 percent the week before, 4.29 percent (4.61% APR) for 15-year fixed mortgages, which was the same as the week before, and 3.83 percent (4.01% APR) for 5/1 adjustable rate mortgages (ARM), which was up from 3.79 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 3.875 percent the week before, and 3.25 percent (3.31% APR) for a 5/1 ARM, which was up from 3.125 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.

“The spread differential in the price of new vs. existing homes has reached a historic high,” said Cameron Findlay, LendingTree Chief Economist. “Based on the latest data published by the National Association of Realtors, the median price for an existing home is $158,800 – the lowest it’s been since 2002. Compare that with the median price of new homes, $230,600, and it’s clear that dollar-for-dollar existing homes are a value for home buyers.”

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 3/9/11

*Updated Quarterly

STATE LOWEST MORTGAGE RATE LOAN-TO-VALUE RATIO* % WITH NEGATIVE EQUITY*
Alabama 4.75% (4.90% APR) 67.1% 10.5%
Alaska 4.75% (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% (4.73% 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 4.75% (4.90% 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% (4.89% APR) 71.5% 15.7%
Montana 4.75% (4.95% APR) 60.1% 7.7%
Nebraska 4.75% (4.95% APR) 73.1% 9.6%
Nevada 4.75% (4.95% 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% (4.87% 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% (4.89% APR) 70.4% 14.2%
South Dakota 4.75% (4.87% APR) N/A 22.5%
Tennessee 4.75% (4.89% 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% (4.73% 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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