Mortgage Interest Rates Unfazed by Debt Crisis

August 11, 2011 (Shirley Allen)

Long term mortgage rates were unfazed by the debt crisis negotiations and and subsequent U.S. credit downgrade with interest rates continuing to fall to the year’s lowest levels according to the data collected by LendingTree’s Weekly Mortgage Rate Pulse.

Fixed Rate Mortgages (FRM) as of August 9, 2011:

The average home loan rates offered by network lenders for 30 year FRMs was 4.49 percent (4.72% APR), which is down from 4.56 percent reported the previous week.

The lowest mortgage rate offered for a 30 year FRM was 4.125 percent (4.26% APR), which is down from 4.25 percent offered last week

The average home loan rates offered by network lenders for 15 year FRMs was 3.72 percent (3.49% APR), a drop from 3.80 percent reported the previous week

The lowest mortgage rate offered for a 15 year FRM was 3.25 percent (3.49% APR), which was the same rate offered last week

Adjustable Rate Mortgages (ARM) as of August 9, 2011:

The average home loan rate offered by network lenders for 5/1 adjustable rate mortgages (ARM) was 3.40 percent (3.49% APR), which was up from 3.31 percent reported last week.

The lowest mortgage rate offered for a 5/1 ARM was 2.625 percent, which is down from 2.75 percent offered the week before

“The aftermath of the US credit downgrade has created a short term window for consumers to lock in long-term, historic low interest rates,” said Doug Lebda, Chairman and CEO of LendingTree. “Average 30-year fixed rates today are within a hair of all-time lows. Refinancing a mortgage with these rates could put major cash back in consumers’ pockets. LendingTree customers save an average of $353 per month, or $4,200 annually.”

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 8/9/11

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

NEGATIVE EQUITY*

US Average

4.13% (4.26% APR)

69.7%

33.1%

Alabama

4.13% (4.26% APR)

67.4%

27.9%

Alaska

4.38% (4.51% APR)

65.9%

17.6%

Arizona

4.00% (4.12% APR)

93.6%

38.9%

Arkansas

4.00% (4.12% APR)

72.2%

41.7%

California

4.00% (4.10% APR)

70.1%

34.6%

Colorado

4.13% (4.30% APR)

71.8%

21.9%

Connecticut

4.00% (4.12% APR)

59.5%

43.9%

Delaware

4.00% (4.10% APR)

66.4%

37.9%

District of Columbia

4.00% (4.23% APR)

58.7%

26.1%

Florida

4.00% (4.10% APR)

88.8%

39.1%

Georgia

4.13% (4.25% APR)

80.8%

25.7%

Hawaii

4.13% (4.25% APR)

54.0%

26.3%

Idaho

4.13% (4.26% APR)

72.6%

29.5%

Illinois

4.13% (4.25% APR)

72.2%

31.7%

Indiana

4.13% (4.25% 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

4.13% (4.25% APR)

67.7%

51.9%

Louisiana

4.38% (4.51% APR)

74.7%

79.6%

Maine

4.00% (4.12% APR)

58.4%

29.7%

Maryland

4.00% (4.13% APR)

70.1%

25.5%

Massachusetts

4.13% (4.24% APR)

60.9%

45.4%

Michigan

4.00% (4.12% APR)

84.2%

32.6%

Minnesota

4.00% (4.12% APR)

66.2%

21.8%

Mississippi

4.38% (4.51% APR)

78.5%

29.5%

Missouri

4.00% (4.12% 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

4.13% (4.24% APR)

70.7%

25.4%

New Jersey

4.00% (4.12% APR)

62.3%

29.3%

New Mexico

4.13% (4.28% APR)

67.3%

41.3%

New York

4.00% (4.10% APR)

48.4%

35.1%

North Carolina

4.13% (4.26% 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

4.00% (4.12% APR)

75.5%

53.5%

Oregon

4.13% (4.28% APR)

69.7%

19.5%

Pennsylvania

4.00% (4.12% APR)

60.6%

42.3%

Rhode Island

4.38% (4.51% APR)

62.8%

36.8%

South Carolina

4.00% (4.13% APR)

70.9%

28.1%

South Dakota

4.00% (4.12% APR)

N/A

N/A

Tennessee

4.00% (4.12% APR)

71.3%

29.5%

Texas

4.00% (4.13% APR)

68.4%

30.5%

Utah

4.13% (4.36% APR)

73.3%

22.3%

Vermont

4.38% (4.51% APR)

N/A

N/A

Virginia

4.00% (4.23% APR)

70.8%

24.6%

Washington

4.13% (4.25% 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

4.13% (4.24% 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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