LendingTree Weekly Mortgage Rate Pulse Reports Record-Breaking Low Rates
Current Coupon Drops to 3.51%
CHARLOTTE, N.C., July 21 /PRNewswire/ -- Mortgage rates reached record-breaking lows this week with the Current Coupon dropping 12 basis points to 3.51 percent, according to LendingTree's Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders.
On July 20, lenders on the LendingTree network offered mortgage rates as low as 4.25 percent (4.39% APR) for a 30-year fixed mortgage, 3.75 percent (3.99% APR) for a 15-year fixed mortgage and 3.125 percent (3.50% APR) for a 5/1 adjustable rate mortgage (ARM). Rates for 30 and 15-year fixed loans remained flat, while 5/1 ARM rates fell an eighth of a point.
Average rates offered by lenders on the LendingTree network dropped this week to 4.57 percent (4.76% APR) for 30-year fixed mortgages, 4.06 percent (4.32% APR) for 15-year fixed mortgages and 3.58 percent (3.86% APR) for 5/1 ARMs.
"The Current Coupon, the to-be-announced mortgage security that trades closest to par value, is the best gauge of the current market conditions and the foundation on which mortgage rates are offered to borrowers," said Cameron Findlay, Chief Economist of LendingTree.com. "For a sense of the magnitude in just how quickly rates have changed, at the beginning of April, rates were at 5.25% versus today's rate of 4.59%. That's $80 less per month on a $200,000 loan."
Though underwriting rules remain strict, LendingTree offers consumers a free Mortgage Checkup tool that allows buyers to explore their mortgage options anonymously and understand at what rate level a refinance or purchase makes sense for them.
Below is a state-by-state comparison with week-over-week indicators 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.
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STATE-BY-STATE MORTGAGE DATA |
||||
STATE |
LOWEST MORTGAGE RATE |
LOAN-TO-VALUE RATIO |
% WITH NEGATIVE EQUITY |
|
Alabama |
4.25% (4.45% APR) |
65% |
8.6% |
|
Alaska |
4.25% (4.39% APR) |
67% |
9.3% |
|
Arizona |
4.25% (4.36% APR) |
95% |
51.3% |
|
Arkansas |
4.25% (4.39% APR) |
74% |
12.6% |
|
California |
4.13% (4.23% APR) |
72% |
35.1% |
|
Colorado |
4.25% (4.39% APR) |
72% |
20.2% |
|
Connecticut |
4.13% (4.23% APR) |
58% |
11.6% |
|
Delaware |
4.13% (4.24% APR) |
69% |
14.3% |
|
District of Columbia |
4.25% (4.48% APR |
N/A |
N/A |
|
Florida |
4.00% (4.10% APR) |
91% |
47.8% |
|
Georgia |
4.13% (4.32% APR) |
80% |
27.8% |
|
Hawaii |
4.25% (4.39% APR) |
53% |
9.3% |
|
Idaho |
4.25% (4.39% APR) |
72% |
22.7% |
|
Illinois |
4.25% (4.39% APR) |
72% |
20.9% |
|
Indiana |
4.25% (4.38% APR) |
69% |
10.7% |
|
Iowa |
4.25% (4.39% APR) |
66% |
8.9% |
|
Kansas |
4.25% (4.36% APR) |
70% |
10.7% |
|
Kentucky |
4.13% (4.24% APR) |
67% |
9.0% |
|
Louisiana |
4.25% (4.39% APR) |
N/A |
23.8% |
|
Maine |
4.25% (4.36% APR) |
N/A |
23.8% |
|
Maryland |
4.25% (4.34% APR) |
69% |
22.9% |
|
Massachusetts |
4.25% (4.37% APR) |
61% |
15.8% |
|
Michigan |
4.25% (4.36% APR) |
85% |
38.5% |
|
Minnesota |
4.25% (4.37% APR) |
65% |
16.6% |
|
Mississippi |
4.25% (4.39% APR) |
N/A |
23.8% |
|
Missouri |
4.25% (4.38% APR) |
71% |
15.5% |
|
Montana |
4.25% (4.39% APR) |
57% |
6.9% |
|
Nebraska |
4.25% (4.39% APR) |
72% |
8.8% |
|
Nevada |
4.38% (4.52% APR) |
123% |
69.9% |
|
New Hampshire |
4.25% (4.39% APR) |
69% |
19.1% |
|
New Jersey |
4.25% (4.41% APR) |
62% |
16.1% |
|
New Mexico |
4.25% (4.45% APR) |
66% |
12.3% |
|
New York |
4.13% (4.32% APR) |
49% |
6.3% |
|
North Carolina |
4.25% (4.39% APR) |
70% |
10.2% |
|
North Dakota |
4.25% (4.39% APR) |
60% |
7.6% |
|
Ohio |
4.25% (4.45% APR) |
75% |
19.8% |
|
Oklahoma |
4.13% (4.32% APR) |
70% |
6.0% |
|
Oregon |
4.25% (4.36% APR) |
68% |
15.9% |
|
Pennsylvania |
4.13% (4.25% APR) |
62% |
7.5% |
|
Rhode Island |
4.25% (4.39% APR) |
55% |
16.8% |
|
South Carolina |
4.13% (4.32% APR) |
70% |
13.5% |
|
South Dakota |
4.25% (4.39% APR) |
N/A |
23.8% |
|
Tennessee |
4.25% (4.39% APR) |
71% |
13.9% |
|
Texas |
4.13% (4.26% APR) |
70% |
11.9% |
|
Utah |
4.25% (4.39% APR) |
73% |
21.1% |
|
Vermont |
4.25% (4.39% APR) |
N/A |
23.8% |
|
Virginia |
4.13% (4.23% APR) |
72% |
24.3% |
|
Washington |
4.25% (4.45% APR) |
67% |
15.9% |
|
West Virginia |
4.25% (4.45% APR) |
N/A |
23.8% |
|
Wisconsin |
4.25% (4.39% APR) |
68% |
14.7% |
|
Wyoming |
4.25% (4.39% APR) |
N/A |
23.8% |
|
Additional mortgage rate information is available at http://www.lendingtree.com/mortgage-loans/rates/.
The LendingTree Weekly Mortgage Rate Pulse will be published every Wednesday. 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 27 million loan requests and $207 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 or 800-555-TREE.
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SOURCE LendingTree
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