LendingTree Weekly Mortgage Rate Pulse Reports Falling Rates
Despite a dip in rates, recent data suggests a delay in housing market recovery
CHARLOTTE, N.C., Dec. 13, 2011 /PRNewswire/ -- Average mortgage rates declined 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 December 12, average mortgage rates offered by LendingTree network lenders were 4.27 percent (4.55% APR) for 30-year fixed mortgages, 3.47 percent (3.91% APR) for 15-year fixed mortgages and 3.21 percent (3.21% APR) for 5/1 adjustable rate mortgages (ARM), a slight decrease across all loan products.
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network remained fairly stable week-over-week at 3.75 percent (3.88% APR) for a 30-year fixed mortgage, 2.88 percent (3.11% APR) for a 15-year fixed mortgage and 2.50 percent (3.04% APR) for a 5/1 ARM, marking a slight drop for the lowest rates offered 15-year fixed mortgages since last week.
"Media reports of consumer access to credit remains based more on the Loan to Value (LTV) and FICO scores and less on the Debt to Income ratio (DTI)," says Cameron Findlay, LendingTree Chief Economist. "Although borrower Debt-to-Income continues to be a factor, it generally is not the primary reason why consumers are being turned away for loans. The new HARP 2.0 program, which is intended to help borrowers with high LTV take advantage of low rates and reduce strategic default issues, is designed to help only about 10% of the market. What is more troubling is that the 30 and 60-day delinquency rates are beginning to rise even though 90-day delinquency rates are declining for the fourth straight month. This suggests home price erosion may once again be on the horizon, with levels of PRIME delinquency still twice as high as they were in 2005 before the financial meltdown began."
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 12/12/11 *Updated Quarterly |
|||
| STATE |
LOWEST |
LOAN-TO- |
NEGATIVE |
| 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% |
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 Tuesday. 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 30 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:
Megan Greuling
(704)943-8208
[email protected]
SOURCE LendingTree
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