Mortgage Interest Rates Show Little Movement from Last Week

July 20, 2011 (Shirley Allen)

According to the data collected on July 19, 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 same rate as reported the previous week, 4.00 percent (4.25% APR) for 15-year fixed mortgages, which is down from 4.03 percent reported the previous week, and 3.56 percent (3.67% APR) for 5/1 adjustable rate mortgages (ARM), which was up from 3.51 percent reported last week.

The lowest mortgage rates offered on the same day by lenders on the LendingTree network were 4.375 percent (4.51% APR) for a 30-year fixed mortgage, which is up from 4.25 percent offered last week, 3.375 percent (3.61% APR) for a 15-year fixed mortgage, which is the same rate offered last week, and 2.625 percent (3.00% APR) for a 5/1 ARM, which is down from 2.75 percent offered the week before.

“With FHA and conforming loan limits set to move lower in October, consumers who are looking to refinance or purchase a home above the current limits should consider shopping for a home loan now,” said Mona Marimow, senior vice president at LendingTree.com. “Borrowers could face higher down payments and interest rates, as well as more stringent loan qualifications if their loan amount is above the new government limit. Consumers in higher-priced areas of the country will be the most affected. Fortunately these issues are being brought to attention now, and consumers still have time to explore their options and take advantage of today’s low rates.”

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 7/20/11

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

NEGATIVE EQUITY*

US Average

4.38% (4.51% APR)

70.2%

35.0%

Alabama

4.38% (4.52% APR)

67.0%

28.9%

Alaska

4.38% (4.51% APR)

66.3%

17.3%

Arizona

4.38% (4.51% APR)

94.6%

39.4%

Arkansas

4.38% (4.49% APR)

72.6%

43.9%

California

4.38% (4.51% APR)

70.6%

34.8%

Colorado

4.38% (4.55% APR)

71.9%

22.2%

Connecticut

4.25% (4.36% APR)

59.5%

43.3%

Delaware

4.25% (4.36% APR)

67.6%

50.3%

District of Columbia

4.25% (4.48% APR)

58.3%

25.5%

Florida

4.25% (4.36% APR)

90.8%

41.1%

Georgia

4.38% (4.50% APR)

80.9%

25.8%

Hawaii

4.50% (4.63% APR)

54.2%

25.4%

Idaho

4.38% (4.51% APR)

73.4%

29.8%

Illinois

4.38% (4.51% APR)

72.4%

31.7%

Indiana

4.38% (4.56% 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

4.38% (4.50% APR)

67.6%

53.1%

Louisiana

4.38% (4.51% APR)

78.5%

75.5%

Maine

4.38% (4.49% APR)

58.6%

30.1%

Maryland

4.25% (4.48% APR)

70.4%

25.6%

Massachusetts

4.38% (4.49% APR)

60.7%

46.0%

Michigan

4.38% (4.50% 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

4.38% (4.51% 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

4.38% (4.53% APR)

66.4%

45.8%

New York

4.38% (4.49% APR)

50.1%

42.1%

North Carolina

4.38% (4.51% APR)

71.2%

33.2%

North Dakota

4.38% (4.51% APR)

60.1%

37.7%

Ohio

4.38% (4.50% APR)

75.4%

27.0%

Oklahoma

4.38% (4.49% APR)

71.0%

52.4%

Oregon

4.38% (4.54% 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

4.38% (4.50% APR)

71.0%

29.0%

South Dakota

4.38% (4.49% APR)

N/A

N/A

Tennessee

4.38% (4.52% APR)

71.2%

30.7%

Texas

4.38% (4.50% APR)

68.8%

30.6%

Utah

4.38% (4.62% APR)

73.7%

22.2%

Vermont

4.38% (4.51% APR)

N/A

N/A

Virginia

4.25% (4.36% APR)

71.7%

25.0%

Washington

4.38% (4.53% 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

4.38% (4.51% 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.

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Tags: lendingtree, mortgage rates, mortgage loans, average home rates, 30 year fixed, 15 year fixed, 5/1 arm, adjustable rate mortgage, fixed mortgage, lenders