LendingTree Weekly Mortgage Rate Pulse Reports Slight Increase in Rates
CHARLOTTE, N.C., July 6, 2011 /PRNewswire/ -- Average mortgage rates rose slightly this 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 July 5, average home loan rates offered by LendingTree network lenders were 4.83% (5.03% APR) for 30-year fixed mortgages, 4.01% (4.32% APR) for 15-year fixed mortgages and 3.59% (3.69% APR) for 5/1 adjustable rate mortgages (ARM). Rates for all loan types rose slightly week-over-week.
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.25 percent (4.39% APR) for a 30-year fixed mortgage, 3.375 percent (3.61% APR) for a 15-year fixed mortgage and 2.75 percent (3.04% APR) for a 5/1 ARM.
"Borrowers in the market for a new loan often worry over whether or not they can qualify," said Cameron Findlay, LendingTree chief economist. "Very soon, two important proposed rules, namely the 'Qualified Mortgage' definition (July 22nd comment deadline) and the 'Qualified Residential Mortgage' definition (August 1 comment deadline), will shape qualification and who is eligible for the best mortgage rates. These rules have the potential to cause rates for certain borrowers to increase between .95% and 1.2% and thus threaten the health of the market as a whole."
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 7/6/11 *Updated Quarterly |
||||
STATE |
LOWEST MORTGAGE RATE |
LOAN-TO-VALUE RATIO* |
NEGATIVE EQUITY* |
|
US Average |
4.25% (4.39% APR) ™ |
70.2% |
35.0% |
|
Alabama |
4.25% (4.39% APR) |
67.0% |
28.9% |
|
Alaska |
4.75% (4.95% APR) |
66.3% |
17.3% |
|
Arizona |
4.25% (4.37% APR) ™ |
94.6% |
39.4% |
|
Arkansas |
4.25% (4.37% APR) ™ |
72.6% |
43.9% |
|
California |
4.25% (4.38% APR) ™ |
70.6% |
34.8% |
|
Colorado |
4.25% (4.42% APR) ™ |
71.9% |
22.2% |
|
Connecticut |
4.25% (4.36% APR) |
59.5% |
43.3% |
|
Delaware |
4.25% (4.36% APR) |
67.6% |
50.3% |
|
District of Columbia |
4.25% (4.48% APR) |
58.3% |
25.5% |
|
Florida |
4.25% (4.39% APR) |
90.8% |
41.1% |
|
Georgia |
4.25% (4.39% APR) ™ |
80.9% |
25.8% |
|
Hawaii |
4.38% (4.50% APR) |
54.2% |
25.4% |
|
Idaho |
4.25% (4.39% APR) ™ |
73.4% |
29.8% |
|
Illinois |
4.25% (4.37% APR) ™ |
72.4% |
31.7% |
|
Indiana |
4.25% (4.38% APR) ™ |
69.4% |
28.5% |
|
Iowa |
4.63% (4.82% APR) |
66.7% |
42.9% |
|
Kansas |
4.63% (4.82% APR) |
70.5% |
31.8% |
|
Kentucky |
4.25% (4.39% APR) |
67.6% |
53.1% |
|
Louisiana |
4.63% (4.82% APR) |
78.5% |
75.5% |
|
Maine |
4.25% (4.37% APR) ™ |
58.6% |
30.1% |
|
Maryland |
4.25% (4.39% APR) ™ |
70.4% |
25.6% |
|
Massachusetts |
4.25% (4.37% APR) ™ |
60.7% |
46.0% |
|
Michigan |
4.38% (4.52% APR) |
84.3% |
32.2% |
|
Minnesota |
4.25% (4.36% APR) |
65.6% |
22.2% |
|
Mississippi |
4.63% (4.82% APR) |
78.4% |
30.1% |
|
Missouri |
4.25% (4.39% APR) ™ |
71.6% |
31.0% |
|
Montana |
4.75% (4.95% APR) |
60.2% |
33.4% |
|
Nebraska |
4.63% (4.82% APR) |
72.3% |
46.5% |
|
Nevada |
4.75% (4.95% APR) |
118.0% |
55.3% |
|
New Hampshire |
4.38% (4.49% APR) |
69.8% |
25.2% |
|
New Jersey |
4.25% (4.36% APR) |
62.2% |
29.0% |
|
New Mexico |
4.25% (4.40% APR) ™ |
66.4% |
45.8% |
|
New York |
4.25% (4.36% APR) ™ |
50.1% |
42.1% |
|
North Carolina |
4.25% (4.39% APR) ™ |
71.2% |
33.2% |
|
North Dakota |
4.63% (4.82% APR) |
60.1% |
37.7% |
|
Ohio |
4.38% (4.50% APR) |
75.4% |
27.0% |
|
Oklahoma |
4.25% (4.37% APR) ™ |
71.0% |
52.4% |
|
Oregon |
4.25% (4.41% APR) ™ |
69.6% |
19.6% |
|
Pennsylvania |
4.25% (4.37% APR) |
62.5% |
75.7% |
|
Rhode Island |
4.63% (4.82% APR) |
62.6% |
36.6% |
|
South Carolina |
4.25% (4.39% APR) ™ |
71.0% |
29.0% |
|
South Dakota |
4.25% (4.37% APR) |
N/A |
N/A |
|
Tennessee |
4.25% (4.39% APR) ™ |
71.2% |
30.7% |
|
Texas |
4.25% (4.38% APR) |
68.8% |
30.6% |
|
Utah |
4.25% (4.49% APR) ™ |
73.7% |
22.2% |
|
Vermont |
4.63% (4.82% APR) |
N/A |
N/A |
|
Virginia |
4.25% (4.39% APR) |
71.7% |
25.0% |
|
Washington |
4.25% (4.40% APR) ™ |
67.9% |
21.4% |
|
West Virginia |
4.75% (4.95% APR) |
67.0% |
68.0% |
|
Wisconsin |
4.75% (4.95% APR) |
68.3% |
35.6% |
|
Wyoming |
4.25% (4.36% APR) |
64.2% |
23.0% |
|
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:
Nicole Hall
(704) 943-8463
[email protected]
SOURCE LendingTree
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