Mortgage Interest Rates Hold Steady for Another Week

August 31, 2011 (Shirley Allen)

Average weekly interest rates for fixed rate mortgages remained at about the same levels as the previous two weeks with some lenders now offering 15-year fixed rate loans for less than three percent according to the data collected by LendingTree’s Weekly Mortgage Rate Pulse.

Fixed Rate Mortgages (FRM) as of August 30, 2011:

The average home loan rates offered by network lenders for 30 year FRMs was 4.39 percent (4.66% APR), which was up from 4.35 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 by network lenders for 15 year FRMs was 3.63 percent (4.05% APR), an increase from 3.61 percent reported the previous week

The lowest mortgage rate offered for a 15 year FRM was 2.875 percent (3.11% APR), which is down from 3.00 percent offered the week before.

Adjustable Rate Mortgages (ARM) as of August 30, 2011:

The average home loan rate offered by network lenders for 5/1 adjustable rate mortgages (ARM) was 3.41 percent (3.69% APR), which was down from 3.48 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.

“Although average rates are beginning to slightly increase from record-lows, qualified homeowners can still realize sizeable savings by refinancing,” says Doug Lebda, Chairman and CEO of LendingTree.com.

We report weekly mortgage interest rates from LendingTree because the Weekly Mortgage Rate Pulse is a snapshot of the lowest and average home loan rates available within LendingTree’s large nationwide 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 8/30/11

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

NEGATIVE EQUITY*

US Average

3.75% (3.88% APR)

69.7%

33.1%

Alabama

3.88% (4.00% APR)

67.4%

27.9%

Alaska

4.00% (4.13% APR)

65.9%

17.6%

Arizona

3.88% (4.00% APR)

93.6%

38.9%

Arkansas

3.88% (3.99% APR)

72.2%

41.7%

California

3.88% (4.00% APR)

70.1%

34.6%

Colorado

3.88% (4.00% APR)

71.8%

21.9%

Connecticut

3.88% (4.00% APR)

59.5%

43.9%

Delaware

3.88% (3.98% APR)

66.4%

37.9%

District of Columbia

3.88% (4.00% APR)

58.7%

26.1%

Florida

3.88% (4.00% APR)

88.8%

39.1%

Georgia

3.88% (4.00% APR)

80.8%

25.7%

Hawaii

4.00% (4.12% APR)

54.0%

26.3%

Idaho

3.88% (4.00% APR)

72.6%

29.5%

Illinois

3.88% (4.00% APR)

72.2%

31.7%

Indiana

3.88% (3.97% APR)

69.3%

27.8%

Iowa

4.38% (4.51% APR)

66.9%

42.1%

Kansas

4.38% (4.51% APR)

70.2%

30.9%

Kentucky

3.88% (4.00% APR)

67.7%

51.9%

Louisiana

4.38% (4.51% APR)

74.7%

79.6%

Maine

3.88% (3.99% APR)

58.4%

29.7%

Maryland

3.88% (4.00% APR)

70.1%

25.5%

Massachusetts

4.00% (4.13% APR)

60.9%

45.4%

Michigan

3.88% (4.00% APR)

84.2%

32.6%

Minnesota

3.88% (4.00% APR)

66.2%

21.8%

Mississippi

4.38% (4.51% APR)

78.5%

29.5%

Missouri

3.88% (4.00% APR)

71.7%

31.0%

Montana

4.38% (4.51% APR)

60.5%

32.5%

Nebraska

4.38% (4.51% APR)

72.7%

44.1%

Nevada

3.88% (4.00% APR)

114.7%

54.0%

New Hampshire

4.00% (4.12% APR)

70.7%

25.4%

New Jersey

3.88% (3.98% APR)

62.3%

29.3%

New Mexico

3.88% (4.00% APR)

67.3%

41.3%

New York

3.88% (3.98% APR)

48.4%

35.1%

North Carolina

3.75% (3.88% APR)

71.1%

32.0%

North Dakota

4.38% (4.51% APR)

60.6%

35.3%

Ohio

3.88% (4.00% APR)

75.4%

27.0%

Oklahoma

3.88% (3.99% APR)

75.5%

53.5%

Oregon

3.88% (4.03% APR)

69.7%

19.5%

Pennsylvania

3.75% (3.84% APR)

60.6%

42.3%

Rhode Island

4.38% (4.51% APR)

62.8%

36.8%

South Carolina

3.88% (4.00% APR)

70.9%

28.1%

South Dakota

3.88% (3.99% APR)

N/A

N/A

Tennessee

3.88% (4.00% APR)

71.3%

29.5%

Texas

3.88% (4.00% APR)

68.4%

30.5%

Utah

3.88% (4.00% APR)

73.3%

22.3%

Vermont

4.38% (4.51% APR)

N/A

N/A

Virginia

3.88% (4.01% APR)

70.8%

24.6%

Washington

3.88% (4.00% APR)

68.0%

21.3%

West Virginia

4.38% (4.51% APR)

66.5%

57.6%

Wisconsin

4.38% (4.51% APR)

68.5%

34.4%

Wyoming

3.88% (4.01% APR)

63.5%

22.7%

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