Mortgage Interest Rates Fall to 2011 Lows

September 7, 2011 (Shirley Allen)

Last weeks market turmoil and poor jobs report pushed Treasury yields back under two percent and mortgage rates followed right behind as average interest rates over the last week reached now lows for 2011 according to the data collected by LendingTree’s Weekly Mortgage Rate Pulse.

Fixed Rate Mortgages (FRM) as of September 6, 2011:

The average home loan rates offered for 30 year FRMs was 4.29 percent (4.54% APR), which was down from 4.39 percent the previous week.

The lowest mortgage rate offered for a 30 year FRM was 3.75 percent (3.88% APR), which was unchanged from the rate offered the week before.

The average home loan rates offered for 15 year FRMs was 3.53 percent (3.90% APR), down from 3.63 percent reported the previous week

The lowest mortgage rate offered for a 15 year FRM was 2.875 percent (3.11% APR), which also remained unchanged from the week before.

Adjustable Rate Mortgages (ARM) as of September 6, 2011:

The average home loan rate offered for 5/1 adjustable rate mortgages (ARM) was 3.38 percent (3.63% APR), which was down from 3.41 percent reported last week.

The lowest mortgage rate offered for a 5/1 ARM was 2.5 percent (3.04% APR), which was unchanged from the week before.

See how your state compares below by comparing mortgage data including a snapshot of the lowest 30-year fixed rates offered by lenders, average loan-to-value ratio and percentage of consumers with negative equity:

STATE-BY-STATE MORTGAGE DATA 9/7/11

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

NEGATIVE EQUITY*

US Average

3.75% (3.88% APR)

69.8%

33.5%

Alabama

3.75% (3.88% APR)

68.0%

29.5%

Alaska

3.88% (4.00% APR)

65.8%

19.5%

Arizona

3.75% (3.88% APR)

93.1%

38.9%

Arkansas

3.88% (3.99% APR)

72.3%

43.0%

California

3.88% (4.00% APR)

70.0%

34.4%

Colorado

3.88% (4.04% APR)

72.3%

22.9%

Connecticut

3.75% (3.87% APR)

60.2%

43.4%

Delaware

3.75% (3.84% APR)

67.3%

38.8%

District of Columbia

3.75% (3.88% APR)

58.6%

26.8%

Florida

3.75% (3.88% APR)

87.8%

38.9%

Georgia

3.75% (3.88% APR)

80.9%

26.5%

Hawaii

3.88% (4.00% APR)

53.9%

27.0%

Idaho

3.88% (4.00% APR)

71.7%

30.3%

Illinois

3.88% (4.00% APR)

72.4%

32.3%

Indiana

3.88% (3.97% APR)

69.4%

28.4%

Iowa

4.38% (4.51% APR)

67.3%

44.2%

Kansas

4.38% (4.51% APR)

70.3%

32.2%

Kentucky

3.75% (3.88% APR)

67.9%

52.7%

Louisiana

4.38% (4.51% APR)

75.2%

82.4%

Maine

3.88% (3.99% APR)

58.3%

30.7%

Maryland

3.75% (3.88% APR)

70.3%

25.9%

Massachusetts

3.88% (4.00% APR)

61.9%

47.0%

Michigan

3.88% (4.00% APR)

84.0%

33.4%

Minnesota

3.88% (4.00% APR)

66.8%

22.7%

Mississippi

4.38% (4.51% APR)

78.2%

29.2%

Missouri

3.88% (4.00% APR)

71.9%

32.4%

Montana

4.38% (4.51% APR)

60.3%

33.9%

Nebraska

4.38% (4.51% APR)

73.4%

44.7%

Nevada

3.88% (4.00% APR)

112.7%

53.7%

New Hampshire

3.88% (3.99% APR)

70.3%

26.2%

New Jersey

3.75% (3.84% APR)

62.8%

29.9%

New Mexico

3.88% (4.00% APR)

67.9%

45.9%

New York

3.88% (3.98% APR)

48.7%

36.0%

North Carolina

3.75% (3.88% APR)

71.6%

32.4%

North Dakota

4.38% (4.51% APR)

61.1%

36.3%

Ohio

3.88% (4.00% APR)

75.8%

27.5%

Oklahoma

3.88% (3.99% APR)

71.8%

50.6%

Oregon

3.88% (4.03% APR)

69.8%

19.9%

Pennsylvania

3.75% (3.84% APR)

61.1%

42.0%

Rhode Island

4.38% (4.51% APR)

63.7%

38.7%

South Carolina

3.88% (4.00% APR)

71.5%

28.9%

South Dakota

3.88% (3.99% APR)

N/A

N/A

Tennessee

3.88% (4.00% APR)

71.6%

29.9%

Texas

3.88% (4.01% APR)

68.1%

31.6%

Utah

3.88% (4.00% APR)

72.9%

22.8%

Vermont

4.38% (4.51% APR)

N/A

N/A

Virginia

3.75% (3.98% APR)

71.7%

25.1%

Washington

3.88% (4.00% APR)

68.3%

21.7%

West Virginia

4.38% (4.51% APR)

66.8%

50.6%

Wisconsin

4.38% (4.51% APR)

69.1%

36.0%

Wyoming

3.88% (4.01% APR)

63.1%

24.2%

Lowest mortgage interest rates shown reflect the payment of one discount point. Mortgage interest rates will vary based on the borrower’s loan details and credit profile.

Source:

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