Mortgage Interest Rates Mixed Following Last Week’s Increases

July 13, 2011 (Shirley Allen)

According to the data collected on July 12, 2011, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 4.77 percent (4.94% APR) for 30-year fixed mortgages, which is down from 4.83 percent reported the previous week, 4.03 percent (4.28% APR) for 15-year fixed mortgages, which is up from 4.01 percent reported the previous week, and 3.51 percent (3.64% APR) for 5/1 adjustable rate mortgages (ARM), which was down from 3.59 percent reported last week.

The lowest mortgage rates offered on the same day by lenders on the LendingTree network were 4.25 percent (4.39% APR) for a 30-year fixed mortgage, which is the same rate offered last week, 3.375 percent (3.61% APR) for a 15-year fixed mortgage, which is the same rate offered last week, and 2.75 percent (3.04% APR) for a 5/1 ARM, which is also the same rate offered the week before.

Mortgage rates have been yo-yoing for several months now,” said Mona Marimow, Senior Vice President of LendingTree.com. “While still hovering near historic lows, the amount rates vary from lender to lender is the highest we’ve seen since late 2010. This variance spells opportunity for consumers on the market for a home loan, provided they shop around and compare rates and offers from a variety of lenders. Banks and lenders move at different speeds to readjust their pricing after market dips and this can translate to considerable savings for savvy borrowers.”

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.

Why do we use LendingTree’s Weekly Mortgage Rate Pulse? LendingTree is one the largest providers of mortgages on the internet who utilizes a large network of lenders that provide a more realistic snapshot of current market 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 7/13/11

*Updated Quarterly

STATE LOWEST MORTGAGE RATE LOAN-TO-VALUE RATIO* NEGATIVE EQUITY*
US Average 4.25% (4.40% APR) 70.2% 35.0%
Alabama 4.25% (4.40% APR) 67.0% 28.9%
Alaska 4.38% (4.52% APR) 66.3% 17.3%
Arizona 4.25% (4.40% APR) 94.6% 39.4%
Arkansas 4.25% (4.37% APR) 72.6% 43.9%
California 4.25% (4.40% APR) 70.6% 34.8%
Colorado 4.25% (4.40% APR) 71.9% 22.2%
Connecticut 4.25% (4.40% APR) 59.5% 43.3%
Delaware 4.25% (4.36% APR) 67.6% 50.3%
District of Columbia 4.25% (4.40% APR) 58.3% 25.5%
Florida 4.25% (4.36% APR) 90.8% 41.1%
Georgia 4.25% (4.39% APR) 80.9% 25.8%
Hawaii 4.38% (4.50% APR) 54.2% 25.4%
Idaho 4.25% (4.40% APR) 73.4% 29.8%
Illinois 4.25% (4.40% APR) 72.4% 31.7%
Indiana 4.25% (4.40% APR) 69.4% 28.5%
Iowa 4.38% (4.51% APR) 66.7% 42.9%
Kansas 4.38% (4.51% APR) 70.5% 31.8%
Kentucky 4.25% (4.40% APR) 67.6% 53.1%
Louisiana 4.38% (4.51% APR) 78.5% 75.5%
Maine 4.25% (4.37% APR) 58.6% 30.1%
Maryland 4.25% (4.40% APR) 70.4% 25.6%
Massachusetts 4.25% (4.37% APR) 60.7% 46.0%
Michigan 4.25% (4.37% APR) 84.3% 32.2%
Minnesota 4.25% (4.36% APR) 65.6% 22.2%
Mississippi 4.38% (4.51% APR) 78.4% 30.1%
Missouri 4.25% (4.40% APR) 71.6% 31.0%
Montana 4.38% (4.51% APR) 60.2% 33.4%
Nebraska 4.38% (4.51% APR) 72.3% 46.5%
Nevada 4.25% (4.40% APR) 118.0% 55.3%
New Hampshire 4.38% (4.49% APR) – 69.8% 25.2%
New Jersey 4.25% (4.34% APR) 62.2% 29.0%
New Mexico 4.25% (4.40% APR) 66.4% 45.8%
New York 4.25% (4.36% APR) 50.1% 42.1%
North Carolina 4.25% (4.40% APR) 71.2% 33.2%
North Dakota 4.38% (4.51% APR) 60.1% 37.7%
Ohio 4.25% (4.40% APR) 75.4% 27.0%
Oklahoma 4.25% (4.37% APR) 71.0% 52.4%
Oregon 4.25% (4.41% APR) 69.6% 19.6%
Pennsylvania 4.25% (4.36% APR) 62.5% 75.7%
Rhode Island 4.38% (4.51% APR) 62.6% 36.6%
South Carolina 4.25% (4.40% APR) 71.0% 29.0%
South Dakota 4.25% (4.37% APR) N/A N/A
Tennessee 4.25% (4.40% APR) 71.2% 30.7%
Texas 4.25% (4.38% APR) 68.8% 30.6%
Utah 4.25% (4.35% APR) 73.7% 22.2%
Vermont 4.38% (4.51% APR) N/A N/A
Virginia 4.25% (4.43% APR) 71.7% 25.0%
Washington 4.25% (4.40% APR) 67.9% 21.4%
West Virginia 4.38% (4.51% APR) 67.0% 68.0%
Wisconsin 4.38% (4.51% APR) 68.3% 35.6%
Wyoming 4.25% (4.39% 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, freddie mac, lenders