Mortgage Rates Decline Slightly This Week

December 14, 2011 (Shirley Allen)

Average mortgage interest rates for both fixed rate mortgages and adjustable rate mortgages declined slightly this week according to the data collected by LendingTree’s Weekly Mortgage Rate Pulse.

Fixed Rate Mortgages as of December 12, 2011:

The average home loan rates offered for 30 year fixed rate mortgages decreased to 4.27 percent (4.55% APR) this week. The average home loan rate reported in the previous Mortgage Rate Pulse (MRP) on November 30th was 4.30 percent.

The lowest mortgage rate offered for a 30 year fixed rate mortgage was 3.75 percent (3.88% APR), which remained unchanged from the previous MRP survey.

The average home loan rates offered for 15 year fixed rate mortgages declined to 3.47 percent (3.91% APR), down from an average of 3.59 percent posted in the previous MRP.

The lowest mortgage rate offered for a 15 year fixed rate mortgage was 2.88 percent (3.11% APR), down from 3.00 percent reported in the previous MRP survey.

Adjustable Rate Mortgages as of December 12, 2011:

The average home loan rate offered for 5/1 adjustable rate mortgages declined slightly to 3.21 percent (3.21% APR) this week. The average home loan rate offered in the previous MRP survey on November 30th was 3.24 percent.

The lowest mortgage rate offered for a 5/1 adjustable rate mortgage was 2.50 percent (3.04% APR), which remained unchanged from the previous MRP survey.

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 12/12/11

*Updated Quarterly

STATE

LOWEST  MORTGAGE RATE

LOAN-TO-VALUE RATIO*

NEGATIVE EQUITY*

US Average

3.75% (3.88% 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

3.63% (3.73% APR)

87.8%

38.9%

Georgia

3.75% (3.88% APR)

80.9%

26.5%

Hawaii

3.75% (3.88% APR)

53.9%

27.0%

Idaho

3.75% (3.88% APR)

71.7%

30.3%

Illinois

3.75% (3.86% APR)

72.4%

32.3%

Indiana

3.75% (3.93% APR)

69.4%

28.4%

Iowa

3.75% (3.88% APR)

67.3%

44.2%

Kansas

3.75% (3.88% APR)

70.3%

32.2%

Kentucky

3.75% (3.89% 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% (3.88% APR)

70.3%

25.9%

Massachusetts

3.75% (3.86% APR)

61.9%

47.0%

Michigan

3.75% (3.88% APR)

84.0%

33.4%

Minnesota

3.75% (3.85% 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

3.63% (3.75% APR)

112.7%

53.7%

New Hampshire

3.88% (3.99% 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

3.75% (4.88% APR)

71.6%

32.4%

North Dakota

3.75% (3.88% APR)

61.1%

36.3%

Ohio

3.75% (3.86% APR)

75.8%

27.5%

Oklahoma

3.75% (3.86% APR)

71.8%

50.6%

Oregon

3.75% (3.88% APR)

69.8%

19.9%

Pennsylvania

3.75% (3.84% APR)

61.1%

42.0%

Rhode Island

3.75% (3.87% APR)

63.7%

38.7%

South Carolina

3.75% (3.86% 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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