LendingTree CEO Discusses How the Fed’s "Operation Twist" Could Break Mortgage Rate Record Lows...Again
Rates could decrease again, but continued volatility reinforces need to comparison shop for home loans
CHARLOTTE, N.C., Sept. 23, 2011 /PRNewswire/ -- Average mortgage rates have increased slightly, while lowest rates 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 September 22, average home loan rates offered by LendingTree network lenders were 4.34% (4.56% APR) for 30-year fixed mortgages, 3.59% (3.87% APR) for 15-year fixed mortgages and 3.24% (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 3.75 percent (3.88% APR) for a 30-year fixed mortgage, 2.875 percent (3.11% APR) for a 15-year fixed mortgage and 2.375 percent (3.04% APR) for a 5/1 ARM.
“The Fed’s announcement on Wednesday of 'Operation Twist' is likely to have a positive impact for borrowers,” says Doug Lebda, Chairman and CEO at LendingTree. . “The Fed’s plans have already driven 10 year Treasury notes to a new record breaking low level, which means mortgage rates could actually plunge even further. Mortgage rates could break the record breaking lows we saw in August and September, setting a new record low. However, we’re continuing to keep a pulse on the fact that some lenders are maintaining higher-than-market rates to manage increased refinance volume, meaning the savings aren’t being passed on to borrowers. Borrowers need to comparison shop multiple loan offers in order to capitalize on savings. If you go with the first offer you receive you might not be getting the lowest rates available.”
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 9/20/11 *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 |
3.88% (4.00% APR) |
65.8% |
19.5% |
|
Arizona |
3.75% (3.88% APR) |
93.1% |
38.9% |
|
Arkansas |
3.88% (3.99% APR) |
72.3% |
43.0% |
|
California |
3.88% (4.00% APR) |
70.0% |
34.4% |
|
Colorado |
3.75% (3.88% APR) |
72.3% |
22.9% |
|
Connecticut |
3.75% (3.87% APR) |
60.2% |
43.4% |
|
Delaware |
3.75% (3.84% 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 |
3.88% (4.00% APR) |
80.9% |
26.5% |
|
Hawaii |
4.00% (4.12% APR) |
53.9% |
27.0% |
|
Idaho |
3.75% (3.88% APR) |
71.7% |
30.3% |
|
Illinois |
3.88% (4.00% APR) |
72.4% |
32.3% |
|
Indiana |
3.75% (3.85% APR) |
69.4% |
28.4% |
|
Iowa |
4.38% (4.51% APR) |
67.3% |
44.2% |
|
Kansas |
4.38% (4.51% APR) |
70.3% |
32.2% |
|
Kentucky |
3.75% (3.88% APR) |
67.9% |
52.7% |
|
Louisiana |
4.38% (4.51% APR) |
75.2% |
82.4% |
|
Maine |
3.88% (3.99% APR) |
58.3% |
30.7% |
|
Maryland |
3.75% (3.84% APR) |
70.3% |
25.9% |
|
Massachusetts |
3.88% (4.00% APR) |
61.9% |
47.0% |
|
Michigan |
3.88% (4.00% APR) |
84.0% |
33.4% |
|
Minnesota |
3.75% (3.85% APR) |
66.8% |
22.7% |
|
Mississippi |
4.38% (4.51% APR) |
78.2% |
29.2% |
|
Missouri |
3.88% (4.00% APR) |
71.9% |
32.4% |
|
Montana |
4.38% (4.51% APR) |
60.3% |
33.9% |
|
Nebraska |
4.38% (4.51% APR) |
73.4% |
44.7% |
|
Nevada |
3.88% (4.00% APR) |
112.7% |
53.7% |
|
New Hampshire |
3.88% (3.99% APR) |
70.3% |
26.2% |
|
New Jersey |
3.75% (3.84% 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% (3.88% APR) |
71.6% |
32.4% |
|
North Dakota |
4.38% (4.51% APR) |
61.1% |
36.3% |
|
Ohio |
3.88% (4.00% APR) |
75.8% |
27.5% |
|
Oklahoma |
3.88% (3.99% APR) |
71.8% |
50.6% |
|
Oregon |
3.88% (4.03% APR) |
69.8% |
19.9% |
|
Pennsylvania |
3.75% (3.84% APR) |
61.1% |
42.0% |
|
Rhode Island |
4.38% (4.51% APR) |
63.7% |
38.7% |
|
South Carolina |
3.88% (4.00% APR) |
71.5% |
28.9% |
|
South Dakota |
3.88% (3.99% APR) |
N/A |
N/A |
|
Tennessee |
3.88% (4.00% APR) |
71.6% |
29.9% |
|
Texas |
3.88% (4.00% APR) |
68.1% |
31.6% |
|
Utah |
3.88% (4.00% APR) |
72.9% |
22.8% |
|
Vermont |
4.38% (4.51% APR) |
N/A |
N/A |
|
Virginia |
3.75% (3.85% APR) |
71.7% |
25.1% |
|
Washington |
3.88% (4.00% APR) |
68.3% |
21.7% |
|
West Virginia |
4.38% (4.51% APR) |
66.8% |
50.6% |
|
Wisconsin |
4.38% (4.51% APR) |
69.1% |
36.0% |
|
Wyoming |
3.88% (4.01% APR) |
63.1% |
24.2% |
|
For more information on current mortgage rates or for state specific mortgage rates, please visithttp://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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