LendingTree Weekly Mortgage Rate Pulse: Slow Economy a Drag on Housing

March 23, 2011 (Shirley Allen)
Lendingtree-logo
According to the data collected on March 22, 2010, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 5.02 percent (5.22% APR) for 30-year fixed mortgages, which is down from 5.08 percent from the previous report, 4.15 percent (4.46% APR) for 15-year fixed mortgages, which is down from 4.29 percent from the previous report, and 3.63 percent (3.78% APR) for 5/1 adjustable rate mortgages (ARM), which was down from 3.83 percent from the previous report.

The lowest mortgage rates offered on the same day by lenders on the LendingTree network was 4.50 percent (4.70% APR) for a 30-year fixed mortgage, which is down from 4.75 quoted from the previous report, 3.75 percent (3.99% APR) for a 15-year fixed mortgage, which is down from 3.875 percent quoted on the previous report, and 3.00 percent (3.26% APR) for a 5/1 ARM, which was down from 3.25 percent quoted on the previous report.

“Declines in existing and new home sales announced this week indicate that the housing market is still in intensive care,” said Cameron Findlay, LendingTree Chief Economist. “Low mortgage rates are offering some relief but home sales volume, home prices and unemployment are a continued drag on housing’s recovery. The latest data on average loan-to-value ratio by state and percent of homeowners with negative equity (reflected in the chart below) highlights the concern that there is no panacea to the economy’s ailments.”

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 3/23/11

*Updated Quarterly

STATE LOWEST MORTGAGE RATE LOAN-TO-VALUE RATIO* % WITH NEGATIVE EQUITY*
US Average 4.50% (4.70% APR) 70.2% 35.0%
Alabama 4.50% (4.62% APR) 67.0% 28.9%
Alaska 4.63% (4.82% APR) 66.3% 17.3%
Arizona 4.50% (4.62% APR) 94.6% 39.4%
Arkansas 4.50% (4.62% APR) 72.6% 43.9%
California 4.50% (4.62% APR) 70.6% 34.8%
Colorado 4.63% (4.76% APR) 71.9% 22.2%
Connecticut 4.50% (4.62% APR) 59.5% 43.3%
Delaware 4.50% (4.61% APR) 67.6% 50.3%
District of Columbia 4.50% (4.74% APR) 58.3% 25.5%
Florida 4.50% (4.59% APR) 90.8% 41.1%
Georgia 4.50% (4.70% APR) 80.9% 25.8%
Hawaii 4.63% (4.82% APR) 54.2% 25.4%
Idaho 4.63% (4.76% APR) 73.4% 29.8%
Illinois 4.75% (4.89% APR) 72.4% 31.7%
Indiana 4.63% (4.76% APR) 69.4% 28.5%
Iowa 4.63% (4.82% APR) 66.7% 42.9%
Kansas 4.63% (4.82% APR) 70.5% 31.8%
Kentucky 4.50% (4.65% APR) 67.6% 53.1%
Louisiana 4.50% (4.70% APR) 78.5% 75.5%
Maine 4.50% (4.62% APR) 58.6% 30.1%
Maryland 4.50% (4.74% APR) 70.4% 25.6%
Massachusetts 4.63% (4.75% APR) 60.7% 46.0%
Michigan 4.50% (4.62% APR) 84.3% 32.2%
Minnesota 4.50% (4.61% APR) 65.6% 22.2%
Mississippi 4.63% (4.82% APR) 78.4% 30.1%
Missouri 4.50% (4.62% APR) 71.6% 31.0%
Montana 4.63% (4.82% APR) 60.2% 33.4%
Nebraska 4.63% (4.82% APR) 72.3% 46.5%
Nevada 4.63% (4.82% APR) 118.0% 55.3%
New Hampshire 4.50% (4.70% APR) 69.8% 25.2%
New Jersey 4.50% (4.61% APR) 62.2% 29.0%
New Mexico 4.63% (4.78% APR) 66.4% 45.8%
New York 4.63% (4.73% APR) 50.1% 42.1%
North Carolina 4.50% (4.70% APR) 71.2% 33.2%
North Dakota 4.63% (4.82% APR) 60.1% 37.7%
Ohio 4.50% (4.62% APR) 75.4% 27.0%
Oklahoma 4.50% (4.62% APR) 71.0% 52.4%
Oregon 4.63% (4.79% APR) 69.6% 19.6%
Pennsylvania 4.50% (4.61% APR) 62.5% 75.7%
Rhode Island 4.63% (4.82% APR) 62.6% 36.6%
South Carolina 4.50% (4.62% APR) 71.0% 29.0%
South Dakota 4.50% (4.62% APR) N/A N/A
Tennessee 4.50% (4.70% APR) 71.2% 30.7%
Texas 4.50% (4.62% APR) 68.8% 30.6%
Utah 4.63% (4.87% APR) 73.7% 22.2%
Vermont 4.50% (4.70% APR) N/A N/A
Virginia 4.50% (4.61% APR) 71.7% 25.0%
Washington 4.63% (4.73% APR) 67.9% 21.4%
West Virginia 4.63% (4.82% APR) 67.0% 68.0%
Wisconsin 4.63% (4.82% APR) 68.3% 35.6%
Wyoming 4.63% (4.76% APR) 64.2% 23.0%

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:

Tags: lendingtree, mortgage rates, mortgage loans, average home rates, 30 year fixed, 15 year fixed, 5/1 arm, adjustable rate mortgage, fixed mortgage, lenders