Mortgage Interest Rates Stable Last Week

September 28, 2011 (Shirley Allen)

Average mortgage interest rates remained stable last week according to the data collected by LendingTree’s Weekly Mortgage Rate Pulse, but interest rates as low as 3.50 percent for a 30-year fixed rate loan were available for the first time ever in the survey.

Fixed Rate Mortgages as of September 27, 2011:

The average home loan rates offered for 30 year fixed rate mortgages was 4.34 percent (4.51% APR), which was unchanged from the previous week.

The lowest mortgage rate offered for a 30 year fixed rate mortgage was a record low 3.50 percent (3.62% APR), which was down from 3.75 percent offered the week before.

The average home loan rates offered for 15 year fixed rate mortgages was 3.65 percent (3.91% APR), up from 3.59 percent reported the previous week

The lowest mortgage rate offered for a 15 year fixed rate mortgage was 2.875 percent (3.11% APR), which also remained unchanged from the week before.

Adjustable Rate Mortgages as of September 27, 2011:

The average home loan rate offered for 5/1 adjustable rate mortgages was 3.22 percent (3.38% APR), which was down from 3.24 percent reported last week.

The lowest mortgage rate offered for a 5/1 adjustable rate mortgage was 2.50 percent (3.03% APR), which was up from 2.375 percent the week before.

See how your state compares below by comparing mortgage data including a snapshot of the lowest 30-year fixed rates offered by lenders, average loan-to-value ratio and percentage of consumers with negative equity:

STATE-BY-STATE MORTGAGE DATA 9/27/11

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

NEGATIVE EQUITY*

US Average

3.50% (3.62% APR)

69.8%

33.5%

Alabama

3.75% (3.88% APR)

68.0%

29.5%

Alaska

3.75% (3.88% APR)

65.8%

19.5%

Arizona

3.75% (3.88% APR)

93.1%

38.9%

Arkansas

3.75% (3.86% APR)

72.3%

43.0%

California

3.75% (3.88% APR)

70.0%

34.4%

Colorado

3.75% (3.88% APR)

72.3%

22.9%

Connecticut

3.75% (3.85% APR)

60.2%

43.4%

Delaware

3.75% (3.85% APR)

67.3%

38.8%

District of Columbia

3.75% (3.88% APR)

58.6%

26.8%

Florida

3.75% (3.88% APR)

87.8%

38.9%

Georgia

3.75% (3.88% APR)

80.9%

26.5%

Hawaii

3.88% (4.00% APR)

53.9%

27.0%

Idaho

3.75% (3.88% APR)

71.7%

30.3%

Illinois

3.75% (3.87% APR)

72.4%

32.3%

Indiana

3.75% (3.93% APR)

69.4%

28.4%

Iowa

3.75% (3.87% APR)

67.3%

44.2%

Kansas

3.75% (3.87% APR)

70.3%

32.2%

Kentucky

3.75% (3.88% APR)

67.9%

52.7%

Louisiana

3.75% (3.88% APR)

75.2%

82.4%

Maine

3.75% (3.86% APR)

58.3%

30.7%

Maryland

3.75% (3.87% APR)

70.3%

25.9%

Massachusetts

3.75% (3.88% APR)

61.9%

47.0%

Michigan

3.75% (3.88% APR)

84.0%

33.4%

Minnesota

3.75% (3.88% APR)

66.8%

22.7%

Mississippi

3.75% (3.87% APR)

78.2%

29.2%

Missouri

3.75% (3.88% APR)

71.9%

32.4%

Montana

3.75% (3.88% APR)

60.3%

33.9%

Nebraska

3.75% (3.88% APR)

73.4%

44.7%

Nevada

3.88% (4.00% APR)

112.7%

53.7%

New Hampshire

3.75% (3.86% APR)

70.3%

26.2%

New Jersey

3.75% (3.87% APR)

62.8%

29.9%

New Mexico

3.75% (3.88% APR)

67.9%

45.9%

New York

3.75% (3.85% APR)

48.7%

36.0%

North Carolina

3.50% (3.62% APR)

71.6%

32.4%

North Dakota

4.38% (4.51% APR)

61.1%

36.3%

Ohio

3.75% (3.87% APR)

75.8%

27.5%

Oklahoma

3.75% (3.86% APR)

71.8%

50.6%

Oregon

3.75% (3.91% APR)

69.8%

19.9%

Pennsylvania

3.75% (3.87% APR)

61.1%

42.0%

Rhode Island

3.75% (3.87% APR)

63.7%

38.7%

South Carolina

3.75% (3.88% APR)

71.5%

28.9%

South Dakota

3.75% (3.86% APR)

N/A

N/A

Tennessee

3.75% (3.89% APR)

71.6%

29.9%

Texas

3.75% (3.88% APR)

68.1%

31.6%

Utah

3.75% (3.88% APR)

72.9%

22.8%

Vermont

3.75% (3.88% APR)

N/A

N/A

Virginia

3.75% (3.85% APR)

71.7%

25.1%

Washington

3.75% (3.88% APR)

68.3%

21.7%

West Virginia

3.75% (3.85% APR)

66.8%

50.6%

Wisconsin

3.75% (3.85% APR)

69.1%

36.0%

Wyoming

3.75% (3.88% APR)

63.1%

24.2%

Lowest mortgage interest rates shown reflect the payment of one discount point. Mortgage interest rates will vary based on the borrower’s loan details and credit profile.

Source:

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