Mortgage Interest Rates Plunge to November Lows

August 3, 2011 (Shirley Allen)

According to the data collected on August 2, 2011, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders were 4.56 percent (4.81% APR) for 30-year fixed mortgages, which is down from 4.74 percent reported the previous week, 3.80 percent (4.20% APR) for 15-year fixed mortgages, which is down from 3.89 percent reported the previous week, and 3.31 percent (3.55% APR) for 5/1 adjustable rate mortgages (ARM), which was down from 3.37 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 down from 4.375 percent offered last week, 3.25 percent (3.49% APR) for a 15-year fixed mortgage, which is a decline from 3.375 percent offered last week, and 2.625 percent (3.08% APR) for a 5/1 ARM, which is down from 2.75 percent offered the week before.

Mortgage rates on the LendingTree marketplace have unexpectedly dropped to the record-breaking levels we saw back in November 2010, which marked a historic low,” said Doug Lebda, Chairman and CEO of LendingTree. “This aggressive dip in rates coupled with the economic forecasts of rate increases in the coming months signals that now may be the best opportunity to lock-in the lowest rates of 2011. Borrowers should ensure they are shopping around multiple lenders to negotiate the best deal possible given the volatility of the current rate market.”

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 8/3/11

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

NEGATIVE EQUITY*

US Average

4.25% (4.39% APR)

69.7%

33.1%

Alabama

4.25% (4.38% APR)

67.4%

27.9%

Alaska

4.38% (4.51% APR)

65.9%

17.6%

Arizona

4.25% (4.39% APR)

93.6%

38.9%

Arkansas

4.13% (4.24% APR)

72.2%

41.7%

California

4.13% (4.24% APR)

70.1%

34.6%

Colorado

4.25% (4.42% APR)

71.8%

21.9%

Connecticut

4.25% (4.37% APR)

59.5%

43.9%

Delaware

4.13% (4.23% APR)

66.4%

37.9%

District of Columbia

4.25% (4.48% APR)

58.7%

26.1%

Florida

4.13% (4.25% APR)

88.8%

39.1%

Georgia

4.25% (4.39% APR)

80.8%

25.7%

Hawaii

4.25% (4.37% APR)

54.0%

26.3%

Idaho

4.25% (4.39% APR)

72.6%

29.5%

Illinois

4.25% (4.37% APR)

72.2%

31.7%

Indiana

4.25% (4.38% 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

4.25% (4.38% APR)

67.7%

51.9%

Louisiana

4.38% (4.51% APR)

74.7%

79.6%

Maine

4.25% (4.37% APR)

58.4%

29.7%

Maryland

4.25% (4.34% APR)

70.1%

25.5%

Massachusetts

4.25% (4.37% APR)

60.9%

45.4%

Michigan

4.25% (4.37% APR)

84.2%

32.6%

Minnesota

4.13% (4.23% APR)

66.2%

21.8%

Mississippi

4.38% (4.51% APR)

78.5%

29.5%

Missouri

4.25% (4.38% 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

4.25% (4.40% APR)

114.7%

54.0%

New Hampshire

4.25% (4.37% APR)

70.7%

25.4%

New Jersey

4.13% (4.23% APR)

62.3%

29.3%

New Mexico

4.25% (4.40% APR)

67.3%

41.3%

New York

4.13% (4.23% APR)

48.4%

35.1%

North Carolina

4.25% (4.39% APR)

71.1%

32.0%

North Dakota

4.38% (4.51% APR)

60.6%

35.3%

Ohio

4.13% (4.24% APR)

75.4%

27.0%

Oklahoma

4.25% (4.37% APR)

75.5%

53.5%

Oregon

4.25% (4.41% APR)

69.7%

19.5%

Pennsylvania

4.13% (4.23% APR)

60.6%

42.3%

Rhode Island

4.38% (4.51% APR)

62.8%

36.8%

South Carolina

4.25% (4.38% APR)

70.9%

28.1%

South Dakota

4.25% (4.37% APR)

N/A

N/A

Tennessee

4.25% (4.38% APR)

71.3%

29.5%

Texas

4.13% (4.25% APR)

68.4%

30.5%

Utah

4.25% (4.49% APR)

73.3%

22.3%

Vermont

4.38% (4.51% APR)

N/A

N/A

Virginia

4.25% (4.37% APR)

70.8%

24.6%

Washington

4.25% (4.39% 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

4.25% (4.39% 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