LendingTree Weekly Mortgage Rate Pulse Reports Stable Rates

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Feb 02, 2011, 01:43 ET

CHARLOTTE, N.C., Feb. 2, 2011 /PRNewswire/ -- Average mortgage rates remained 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 1, average home loan rates offered by LendingTree network lenders were 5.05 percent (5.34% APR) for 30-year fixed mortgages, 4.3 percent (4.75% APR) for 15-year fixed mortgages and 3.69 percent (3.95% APR) for 5/1 adjustable rate mortgages (ARM).

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.625 percent (4.76% APR) for a 30-year fixed mortgage, 3.875 percent (4.12% APR) for a 15-year fixed mortgage and 3.125 percent (3.25% APR) for a 5/1 ARM.

"Borrowers are being caught in the middle of a battle that has been brewing over loan officer licensing," said Cameron Findlay, LendingTree Chief Economist. "The Federal Government requires that loan officers at companies like LendingTree be licensed in each state in which they do business, as well as complete continuing education. These rules are designed to protect borrowers, but the little known fact is that banks do NOT require their loan officers to be licensed, only registered. To protect themselves and make sure they're dealing with a professional, borrowers should ask their loan officer if they are licensed or look them up via the National Mortgage Licensing System web site. This is akin to asking your stock broker if he has a license, your real estate broker if they have a license, even your doctor – they all have skin in the game. You should expect the same from the person who helps you make the biggest financial decision of your life."

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 2/1/11 *Updated Quarterly
STATE	LOWEST MORTGAGE RATE	LOAN-TO-VALUE RATIO*	% WITH NEGATIVE EQUITY*
Alabama	4.63% (4.77% APR) —	67.1%	10.5%
Alaska	4.75% (4.95% APR) —	67% ─	8.9% ®
Arizona	4.63% (4.71% APR) ®	92.4% ®	48.6% ®
Arkansas	4.75% (4.87% APR) —	73.6% ®	11.6% ®
California	4.63% (4.76% APR) ®	70.1%	31.6% ®
Colorado	4.63% (4.76% APR) ®	72.1%	19.6% ®
Connecticut	4.63% (4.76% APR) ®	58.2%	11.9% ®
Delaware	4.63% (4.73% APR)	67.9% ®	13.3% ®
District of Columbia	4.63% (4.86% APR) —	58.6% ®	15.2% ®
Florida	4.63% (4.77% APR)	88.7% ®	45.5% ®
Georgia	4.63% (4.77% APR) —	79.8% ®	28% ®
Hawaii	4.75% (4.88% APR)	55.5%	10.7% ─
Idaho	4.63% (4.71% APR) ®	74.1%	25.3%
Illinois	4.63% (4.71% APR) ®	70.6% ®	19.4% ®
Indiana	4.63% (4.76% APR) ®	70% ─	11.3%
Iowa	4.75% (4.95% APR) —	66.9% ®	8.7% ®
Kansas	4.75% (4.95% APR) —	70.6%	11.1%
Kentucky	4.63% (4.77% APR) —	68%	8.9%
Louisiana	4.75% (4.95% APR) —	N/A	22.5% ®
Maine	4.63% (4.82% APR) ®	N/A	22.5% ®
Maryland	4.63% (4.86% APR)	68.8% ®	22% ®
Massachusetts	4.75% (4.87% APR) —	60.3%	14.9% ®
Michigan	4.63% (4.76% APR) ®	85.5% ®	37.6% ®
Minnesota	4.75% (4.88% APR) —	65.5%	16.2% ®
Mississippi	4.63% (4.82% APR) ®	N/A	22.5% ®
Missouri	4.63% (4.76% APR) ®	71.5%	15.7%
Montana	4.63% (4.71% APR) ®	60.1%	7.7% ─
Nebraska	4.75% (4.95% APR) —	73.1%	9.6%
Nevada	4.63% (4.76% APR) ®	118.7% ®	66.5% ®
New Hampshire	4.63% (4.82% APR) ®	69% ─	17.7% ®
New Jersey	4.63% (4.73% APR) ®	61.3%	15.2% ®
New Mexico	4.63% (4.82% APR) ®	66.4%	12.6%
New York	4.63% (4.73% APR) ®	49.8% ®	7% ®
North Carolina	4.63% (4.76% APR)	70.3%	10.5%
North Dakota	4.75% (4.95% APR) —	59.9% ®	7.4% ─
Ohio	4.75% (4.88% APR) ®	74.7%	20%
Oklahoma	4.75% (4.87% APR) —	70.7%	6.0%
Oregon	4.75% (4.92% APR) —	68.7% ®	15.6% ®
Pennsylvania	4.63% (4.72% APR) ®	62.1%	7.4%
Rhode Island	4.63% (4.82% APR) ®	61.6% ®	20% ®
South Carolina	4.63% (4.76% APR) ®	70.4% ®	14.2% ®
South Dakota	4.75% (4.87% APR) —	N/A	22.5% ®
Tennessee	4.63% (4.76% APR) ®	70.9% ®	13.9%
Texas	4.63% (4.82% APR)	69.5% ®	11.2% ®
Utah	4.63% (4.76% APR) ®	73.6%	20.7%
Vermont	4.63% (4.82% APR) ®	N/A	22.5% ®
Virginia	4.63% (4.77% APR) —	70.5% ®	22.1% ®
Washington	4.63% (4.76% APR) ®	66.2%	14.9% ®
West Virginia	4.75% (4.95% APR) —	N/A	22.5% ®
Wisconsin	4.75% (4.95% APR) —	67.2%	13.1% ®
Wyoming	4.63% (4.71% 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.