LendingTree.com Weekly Mortgage Rate Pulse Reports Average Rates Continue to Climb

Widening Market Spreads Leave Disproportionate Rates Between Lenders

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Sep 22, 2010, 04:42 ET

CHARLOTTE, N.C., Sept. 22 /PRNewswire/ -- Average mortgage rates rose slightly this week, according to the LendingTree Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders.

On September 21, lenders on the LendingTree network offered mortgage rates as low as 3.875 percent (4.06% APR) for a 30-year fixed mortgage, 3.375 percent (3.61% APR) for a 15-year fixed mortgage and 3.75 percent (3.42% APR) for a 5/1 adjustable rate mortgage (ARM). Lowest rates remained flat for 30 and 15 year home loans, while 5/1 ARMs dropped one-eighth of a point.

Average home loan rates offered by lenders on the LendingTree network rose week-over-week to 4.63 percent (4.83% APR) for 30-year fixed mortgages, 4.13 percent (4.41% APR) for 15-year fixed mortgages and 3.6 percent (3.79% APR) for 5/1 ARMs.

"With the past week's trend towards rising rates, it's a good opportunity to take a look at market spreads," said Cameron Findlay, Chief Economist of LendingTree.com. "Spreads have widened, meaning rates - although currently low - could afford to go lower, but remain relatively high due to the volume of applications hitting the market. This translates to rates being disproportionate between lenders, for example, lender [a] offering a rate of 4.25% and lender [b] 5.00%."

LendingTree.com offers free tools to help consumers navigate the purchase and refinancing process, like Look Before You Lock, which allows borrowers to determine whether the rate they've been offered is comparable to offers received by consumers with similar loan profiles. In just a few quick steps, Look Before You Lock lets homebuyers know whether they should jump on their rate, or continue looking.

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 *Updated Quarterly
STATE	LOWEST MORTGAGE RATE	LOAN-TO-VALUE RATIO*	% WITH NEGATIVE EQUITY*
Alabama	3.88% (3.99% APR)	67%	9.8%
Alaska	3.88% (4.01% APR)	67%	10.6%
Arizona	3.88% (4.06% APR)	94%	50%
Arkansas	3.88% (4.01% APR)	74%	12%
California	3.88% (3.98% APR)	70%	32.8%
Colorado	3.88% (4.06% APR)	72%	19.7%
Connecticut	3.88% (3.98% APR)	58%	12%
Delaware	3.88% (4.03% APR)	68%	13.5%
District of Columbia	3.88% (4.10% APR)	59%	15.5%
Florida	3.88% (3.98% APR)	90%	46.4%
Georgia	3.88% (4.06% APR)	80%	28.1%
Hawaii	4.00% (4.12% APR)	55%	10.7%
Idaho	3.88 % (4.06% APR)	73%	23.7%
Illinois	3.88% (4.06% APR)	71%	19.7%
Indiana	3.88% (4.06% APR)	70%	11%
Iowa	3.88% (4.01% APR)	67%	8.8%
Kansas	3.88% (4.01% APR)	70%	10.8%
Kentucky	3.88% (4.06% APR)	67%	8.5%
Louisiana	3.88% (4.01% APR)	N/A	23%
Maine	3.88% (4.06% APR)	N/A	23%
Maryland	3.88% (4.10% APR)	69%	22.2%
Massachusetts	3.88% (4.06% APR)	60%	15%
Michigan	3.88% (4.06% APR)	86%	38%
Minnesota	3.88% (3.99% APR)	65%	16.3%
Mississippi	3.88% (4.01% APR)	N/A	23%
Missouri	3.88% (4.06% APR)	71%	15.5%
Montana	4.00% (4.19% APR)	60%	7.7%
Nebraska	3.88% (4.01% APR)	73%	9.3%
Nevada	4.00% (4.19% APR)	120%	68.1%
New Hampshire	3.88% (4.06% APR)	69%	18.4%
New Jersey	3.88% (3.96% APR)	61%	15.4%
New Mexico	3.88% (4.06% APR)	66%	12.2%
New York	3.88% (3.98% APR)	50%	7.1%
North Carolina	3.88% (4.06% APR)	70%	10.4%
North Dakota	3.88% (4.06% APR)	60%	7.4%
Ohio	3.88% (4.06% APR)	74%	19.7%
Oklahoma	3.88% (4.02% APR)	70%	5.8%
Oregon	3.88% (4.06% APR)	69%	15.7%
Pennsylvania	3.88 % (3.96% APR)	62%	7.3%
Rhode Island	3.88% (4.06% APR)	62%	20.3%
South Carolina	3.88% (4.06% APR)	71%	14.3%
South Dakota	3.88% (4.01% APR)	N/A	23%
Tennessee	3.88% (4.06% APR)	71%	13.8%
Texas	3.88% (4.06% APR)	70%	11.3%
Utah	3.88% (4.06% APR)	73%	20.4%
Vermont	3.88% (4.01% APR)	N/A	23%
Virginia	3.88% (4.10% APR)	71%	22.7%
Washington	3.88% (4.06% APR)	66%	15.2%
West Virginia	3.88% (4.01% APR)	N/A	23%
Wisconsin	3.88% (4.01% APR)	67%	13.7%
Wyoming	3.88% (4.01 % APR)	N/A	23%

Additional refinance mortgage rates are available at http://www.lendingtree.com/mortgage-loans/rates.

The LendingTree Weekly Mortgage Rate Pulse will be 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 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.