LendingTree Weekly Mortgage Rate Pulse Reports 30-Year Fixed Rates Averaging 5.25%
Upcoming loan limit changes to impact borrowers in high-priced areas
CHARLOTTE, N.C., Feb. 16, 2011 /PRNewswire/ -- Mortgage rates held relatively steady week-over-week according to the LendingTree Weekly Mortgage Rate Pulse, a snapshot of the lowest and average home loan rates available within the LendingTree network of lenders.
On February 15, average home loan rates offered by LendingTree network lenders were 5.25% (5.52% APR) for 30-year fixed mortgages, down slightly from last week's average of 5.31% (5.6% APR). Rates for 15-year fixed mortgages were 4.42% (4.84% APR) while 5/1 adjustable rate mortgages (ARM) were 4.07% (4.28% APR).
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.875 percent (5.02% APR) for a 30-year fixed mortgage, 4.125 percent (4.37% APR) for a 15-year fixed mortgage and 3.375 percent (3.34% APR) for a 5/1 ARM. Rates for all loan types held steady week-over-week.
"Homeowners and homebuyers in high priced areas of the country should circle September 2011 on their calendars," said Cameron Findlay, LendingTree Chief Economist. "That's when the current loan limits are expected to expire. Without a third extension, the highest loan limit will fall from $729,500 (or 125% of the Local Area Median Price) to $625,000 (or 115% of the LAMP), leaving borrowers with the potential to face three residual effects. First, the expiration could yield as much as a 2% decline in home prices; second, stricter qualifying criteria as borrowers who fall outside the High Conforming Loan Limit are limited to private lending options; and third, an increase in rates for higher loan amounts by as much as 0.40% to 0.75%. Homeowners and homebuyers in the market for a new loan may want to act quickly before these changes adversely affect their ability to qualify."
Below is a state-by-state comparison of 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 2/15/11 *Updated Quarterly |
||||
STATE |
LOWEST MORTGAGE |
LOAN-TO-VALUE |
% WITH NEGATIVE |
|
Alabama |
4.75% (4.90% APR) |
67.1% |
10.5% |
|
Alaska |
4.88% (5.08% APR) |
67% |
8.9% |
|
Arizona |
4.75% (4.87% APR) |
92.4% |
48.6% |
|
Arkansas |
4.75% (4.87% APR) |
73.6% |
11.6% |
|
California |
4.75% (4.87% APR) |
70.1% |
31.6% |
|
Colorado |
4.75% (4.95% APR) |
72.1% |
19.6% |
|
Connecticut |
4.75% (4.86% APR) |
58.2% |
11.9% |
|
Delaware |
4.75% (4.86% APR) |
67.9% |
13.3% |
|
District of Columbia |
4.75% (4.89% APR) |
58.6% |
15.2% |
|
Florida |
4.75% (4.86% APR) |
88.7% |
45.5% |
|
Georgia |
4.75% (4.95% APR) |
79.8% |
28% |
|
Hawaii |
4.88% (5.00% APR) |
55.5% |
10.7% |
|
Idaho |
4.88% (5.02% APR) |
74.1% |
25.3% |
|
Illinois |
4.86% (5.00% APR) |
70.6% |
19.4% |
|
Indiana |
4.75% (4.94% APR) |
70% |
11.3% |
|
Iowa |
4.88% (5.08% APR) |
66.9% |
8.7% |
|
Kansas |
4.88% (5.08% APR) |
70.6% |
11.1% |
|
Kentucky |
4.75% (4.90% APR) |
68% |
8.9% |
|
Louisiana |
4.75% (4.95% APR) |
N/A |
22.5% |
|
Maine |
4.88% (5.08% APR) |
N/A |
22.5% |
|
Maryland |
4.75% (4.99% APR) |
68.8% |
22% |
|
Massachusetts |
4.88% (5.00% APR) |
60.3% |
14.9% |
|
Michigan |
4.75% (4.95% APR) |
85.5% |
37.6% |
|
Minnesota |
4.75% (4.86% APR) |
65.5% |
16.2% |
|
Mississippi |
4.75% (4.95% APR) |
N/A |
22.5% |
|
Missouri |
4.75% (4.89% APR) |
71.5% |
15.7% |
|
Montana |
4.88% (5.08% APR) |
60.1% |
7.7% |
|
Nebraska |
4.88% (5.08% APR) |
73.1% |
9.6% |
|
Nevada |
4.88% (5.08% APR) |
118.7% |
66.5% |
|
New Hampshire |
4.75% (4.87% APR) |
69% |
17.7% |
|
New Jersey |
4.75% (4.84% APR) |
61.3% |
15.2% |
|
New Mexico |
4.88% (5.02% APR) |
66.4% |
12.6% |
|
New York |
4.75% (4.86% APR) |
49.8% |
7% |
|
North Carolina |
4.88% (5.02% APR) |
70.3% |
10.5% |
|
North Dakota |
4.88% (5.08% APR) |
59.9% |
7.4% |
|
Ohio |
4.88% (5.00% APR) |
74.7% |
20% |
|
Oklahoma |
4.75% (4.87% APR) |
70.7% |
6.0% |
|
Oregon |
4.88% (5.04% APR) |
68.7% |
15.6% |
|
Pennsylvania |
4.75% (4.84% APR) |
62.1% |
7.4% |
|
Rhode Island |
4.88% (5.08% APR) |
61.6% |
20% |
|
South Carolina |
4.88% (5.02% APR) |
70.4% |
14.2% |
|
South Dakota |
4.75% (4.87% APR) |
N/A |
22.5% |
|
Tennessee |
4.88% (5.01% APR) |
70.9% |
13.9% |
|
Texas |
4.75% (4.87% APR) |
69.5% |
11.2% |
|
Utah |
4.75% (4.95% APR) |
73.6% |
20.7% |
|
Vermont |
4.75% (4.95% APR) |
N/A |
22.5% |
|
Virginia |
4.75% (4.86% APR) |
70.5% |
22.1% |
|
Washington |
4.88% (5.03% APR) |
66.2% |
14.9% |
|
West Virginia |
4.88% (5.08% APR) |
N/A |
22.5% |
|
Wisconsin |
4.88% (5.08% APR) |
67.2% |
13.1% |
|
Wyoming |
4.75% (4.95% APR) |
N/A |
22.5% |
|
Additional refinance mortgage rates are available at 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:
Nicole Hall
(704) 943-8463
SOURCE LendingTree
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