Mortgage Interest Rates Show Little Movement

August 24, 2011 (Shirley Allen)

Mortgage interest rates may have hit bottom as fixed rate mortgages remained relatively flat while adjustable rate mortgages declined slightly from the previous week according to the data collected by LendingTree’s Weekly Mortgage Rate Pulse.

Fixed Rate Mortgages (FRM) as of August 23, 2011:

The average home loan rates offered by network lenders for 30 year FRMs was 4.35 percent (4.58% APR), which was unchanged from the previous week.

The lowest mortgage rate offered for a 30 year FRM was 3.75 percent (3.88% APR), which is down from 3.875 percent offered the week before.

The average home loan rates offered by network lenders for 15 year FRMs was 3.61 percent (3.97% APR), an increase from 3.59 percent reported the previous week.

The lowest mortgage rate offered for a 15 year FRM was 3.00 percent (3.22% APR), which is down from 3.125 percent offered the week before.

Adjustable Rate Mortgages (ARM) as of August 23, 2011:

The average home loan rate offered by network lenders for 5/1 adjustable rate mortgages (ARM) was 3.48 percent (3.70% APR), which was down from 3.56 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.

“The window to capitalize on record-low rates is beginning to close; fence-sitters could miss out on this opportunity if they fail to act quickly,” says Mona Marimow, Senior Vice President of LendingTree. “We’re seeing an increase not only in interest rates, but also in pricing disparity between lenders which means it’s more important than ever to shop around for your loan. Rates can vary by 1% or more from lender to lender, translating into a difference of about $140 per month on a $250,000 loan. In order to maximize savings, consumers should avoid the tail-end of the refinancing wave and act soon.”

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 8/23/11

*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% (4.04% APR)

71.8%

21.9%

Connecticut

3.88% (4.00% APR)

59.5%

43.9%

Delaware

3.88% (3.96% APR)

66.4%

37.9%

District of Columbia

3.88% (4.00% APR)

58.7%

26.1%

Florida

3.88% (3.99% 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% (4.01% 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

4.00% (4.13% APR)

84.2%

32.6%

Minnesota

3.88% (3.98% APR)

66.2%

21.8%

Mississippi

4.38% (4.51% APR)

78.5%

29.5%

Missouri

3.88% (4.02% 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

4.00% (4.13% APR)

114.7%

54.0%

New Hampshire

4.00% (4.12% APR)

70.7%

25.4%

New Jersey

3.88% (3.99% APR)

62.3%

29.3%

New Mexico

3.88% (4.02% APR)

67.3%

41.3%

New York

4.00% (4.10% 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

4.00% (4.13% APR)

75.4%

27.0%

Oklahoma

4.00% (4.12% APR)

75.5%

53.5%

Oregon

4.00% (4.16% APR)

69.7%

19.5%

Pennsylvania

3.88% (3.96% 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% (4.02% APR)

71.3%

29.5%

Texas

3.88% (4.00% APR)

68.4%

30.5%

Utah

3.88% (4.11% APR)

73.3%

22.3%

Vermont

4.38% (4.51% APR)

N/A

N/A

Virginia

3.88% (4.10% APR)

70.8%

24.6%

Washington

3.88% (4.02% 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:

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