LendingTree Weekly Mortgage Rate Pulse Reports 30-year Fixed Rates at Record Lows, but Spreads between Average and Lowest Rates at Record High
Borrowers may be missing out on substantial savings by failing to comparison shop for home loans
CHARLOTTE, N.C., Sept. 28, 2011 /PRNewswire/ -- Average mortgage rates have remained stable, while lowest rates have slipped 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 27, average home loan rates offered by LendingTree network lenders were 4.34% (4.51% APR) for 30-year fixed mortgages, 3.65% (3.91% APR) for 15-year fixed mortgages and 3.22% (3.38% 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, 2.875 percent (3.11% APR) for a 15-year fixed mortgage and 2.50 percent (3.03% APR) for a 5/1 ARM, marking a new low for 30-year fixed mortgage rates.
"The spread between average and lowest rates are at an all-time high," says Doug Lebda, Chairman and CEO at LendingTree. "We're seeing about an eighty-four basis point difference between the average rate and lowest rates offered, the largest spread since LendingTree began tracking the data. That's about a $125 difference in monthly mortgage payments on an average home loan, or $1,500 per year that borrowers could be saving on their mortgage payments. With 30-year fixed rates dipping to record-breaking lows and these spreads showing continued signs of growth, borrowers could be passing up significant savings if they settle for the first offer they receive. "
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 9/27/11 *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% |
|
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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