LendingTree Weekly Mortgage Rate Pulse Reports Rising Mortgage Rates
The gap between 15-year and 30-year fixed rates signals that it's still smart to consider shorter-term home loans
CHARLOTTE, N.C., Nov. 16, 2011 /PRNewswire/ -- Average mortgage rates rose slightly 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 November 15, average mortgage rates offered by LendingTree network lenders were 4.43% (4.62% APR) for 30-year fixed mortgages, 3.76% (4.04% APR) for 15-year fixed mortgages and 3.49% (3.66% APR) for 5/1 adjustable rate mortgages (ARM), marking a slight increase across the board.
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, 3.00 percent (3.23% APR) for a 15-year fixed mortgage and 2.50 percent (3.03% APR) for a 5/1 ARM, unchanged week-over-week.
"For most of the year, the spread between 15-year fixed rate loans and 30-year fixed rate loans has been static, averaging between 0.70% and 0.90%," says Cameron Findlay, LendingTree chief economist. "From the end of August to the start of October, this gap has declined significantly as more borrowers took advantage of the fact that 15-year loans were declining at a faster pace than 30-year loans. The gap is about 0.60% today - still higher than the median spread of 0.42% over the past five years. Additionally, in accordance with the changes in HARP 2.0, loan level price adjustments will be eliminated for fixed-rates loans less than or equal to 20 years. This means that shorter term loans should still be seriously considered if the payments fit within the borrower's budget."
Below is a snapshot of the lowest home loan 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 11/15/11 *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 |
3.75% (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% (3.84% 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 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:
Megan Greuling
(704)943-8208
[email protected]
SOURCE LendingTree
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