Fees, Fees, Everywhere: LendingTree Shares How to Get the Best Deal on a Mortgage
Mortgage rates still at record breaking lows, but be mindful of points, fees, and other costs to snag the best deal
CHARLOTTE, N.C., Oct. 5, 2011 /PRNewswire/ -- Average mortgage rates have slipped, while lowest rates have remained stable week-over-week according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average mortgage rates offered by lenders on the LendingTree network.
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On October 3, average home loan rates offered by LendingTree network lenders were 4.23% (4.39% APR) for 30-year fixed mortgages, 3.65% (3.84% APR) for 15-year fixed mortgages and 3.22% (3.32% APR) for 5/1 adjustable rate mortgages (ARM).
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 3.50 percent (3.62% APR) for a 30-year fixed mortgage, 3.00 percent (3.23% APR) for a 15-year fixed mortgage and 2.50 percent (3.03% APR) for a 5/1 ARM.
"The controversy surrounding the recent adjustments to banking fees is a great reminder for consumers to understand potential hidden home loan fees as well," suggests Mona Marimow, Senior Vice President at LendingTree. "Similar to the banking industry, hidden fees and incremental costs can be a pain point for consumers in the home loan process. Even though rates are at historic lows, borrowers should also factor in points, fees and other costs. The public awareness over bank fees increasing should serve as a reminder for borrowers to read the fine print in their mortgage agreement. At the end of the day, it's not just about getting the best rate, but getting the best deal overall."
Below is a snapshot of the lowest mortgage rates for a 30-year fixed loan offered by lenders on the LendingTree network, as well as average loan-to-value ratios and negative equity by state.
STATE-BY-STATE MORTGAGE DATA 10/3/11 *Updated Quarterly |
||||
STATE |
LOWEST MORTGAGE RATE |
LOAN-TO-VALUE RATIO* |
NEGATIVE EQUITY* |
|
US Average |
3.50% (3.62% APR) |
69.8% |
33.5% |
|
Alabama |
3.63% (3.75% APR) |
68.0% |
29.5% |
|
Alaska |
3.63% (3.75% APR) |
65.8% |
19.5% |
|
Arizona |
3.63% (3.75% 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 |
3.63% (3.75% APR) |
60.2% |
43.4% |
|
Delaware |
3.75% (3.85% APR) |
67.3% |
38.8% |
|
District of Columbia |
3.63% (3.75% APR) |
58.6% |
26.8% |
|
Florida |
3.63% (3.75% 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% (3.87% APR) |
72.4% |
32.3% |
|
Indiana |
3.50% (3.60% APR) |
69.4% |
28.4% |
|
Iowa |
3.75% (3.88% APR) |
67.3% |
44.2% |
|
Kansas |
3.75% (3.87% APR) |
70.3% |
32.2% |
|
Kentucky |
3.63% (3.75% 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 |
3.63% (3.75% APR) |
70.3% |
25.9% |
|
Massachusetts |
3.75% (3.88% APR) |
61.9% |
47.0% |
|
Michigan |
3.63% (3.75% 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 |
3.63% (3.75% 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 |
3.75% (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 |
3.75% (3.88% APR) |
61.1% |
36.3% |
|
Ohio |
3.63% (3.75% 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 |
3.63% (3.75% APR) |
61.1% |
42.0% |
|
Rhode Island |
3.75% (3.87% APR) |
63.7% |
38.7% |
|
South Carolina |
3.63% (3.75% APR) |
71.5% |
28.9% |
|
South Dakota |
3.75% (3.86% APR) |
N/A |
N/A |
|
Tennessee |
3.63% (3.75% APR) |
71.6% |
29.9% |
|
Texas |
3.63% (3.75% APR) |
68.1% |
31.6% |
|
Utah |
3.75% (3.87% 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% |
|
For more information on current mortgage rates or for state specific mortgage rates, please visit http://www.lendingtree.com/mortgage-loans/rates/.
The LendingTree Weekly Mortgage Rate Pulse is published every Wednesday. 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. Visit www.lendingtree.com to learn more.
About LendingTree, LLC
LendingTree, LLC is the nation's leading online lender exchange and personal finance resource, helping consumers take charge of all their financial decisions, from budgeting to money management to mortgages to credit cards and more. LendingTree provides a marketplace that connects consumers with multiple lenders that compete for their business, as well as an array of online tools to aid consumers in their financial decisions. Since inception, LendingTree has facilitated more than 28 million loan requests and $214 billion in closed loan transactions. LendingTree provides access to lenders offering mortgages and refinance loans, home equity loans/lines of credit, and more. LendingTree, LLC is a subsidiary of Tree.com, Inc. (NASDAQ: TREE). For more information go to www.lendingtree.com, dial 800-555-TREE , join our Facebook page and/or follow us on Twitter @LendingTree.
MEDIA CONTACT:
Mona Marimow
(704)943-8030
[email protected]
SOURCE LendingTree
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