Mortgage Rates Dip According to LendingTree Weekly Mortgage Rate Pulse
Home Affordability improves, creating favorable environment for homebuyers
CHARLOTTE, N.C., April 27, 2011 /PRNewswire/ -- Average mortgage dipped 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.
On April 26, average home loan rates offered by LendingTree network lenders were 4.97% (5.19% APR) for 30-year fixed mortgages, 4.15% (4.49% APR) for 15-year fixed mortgages and 3.59% (3.61% APR) for 5/1 adjustable rate mortgages (ARM). Rates for all loan types fell week over week.
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, 3.75 percent (3.99% APR) for a 15-year fixed mortgage and 3.00 percent (3.21% APR) for a 5/1 ARM. Rates for all loan types were flat week over week.
"Home affordability continues to break new records," said Cameron Findlay, LendingTree Chief Economist. "The latest Case-Shiller numbers showing further home price declines, combined with consistently low mortgage rates translate to a favorable environment for homebuyers. The concern moving forward Is that this environment may not last long, as evidenced by fluctuations in the bond market in anticipation of the Fed's comments this afternoon."
The following housing market data shows a snapshot of the lowest 30-year mortgage rates 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 4/27/11 *Updated Quarterly |
||||
STATE |
LOWEST MORTGAGE RATE |
LOAN-TO-VALUE RATIO* |
% WITH NEGATIVE EQUITY* |
|
US Average |
4.63% (4.76% APR) |
70.2% |
35.0% |
|
Alabama |
4.50% (4.62% APR) |
67.0% |
28.9% |
|
Alaska |
4.75% (4.95% APR) |
66.3% |
17.3% |
|
Arizona |
4.50% (4.62% APR) |
94.6% |
39.4% |
|
Arkansas |
4.50% (4.62% APR) |
72.6% |
43.9% |
|
California |
4.50% (4.62% APR) |
70.6% |
34.8% |
|
Colorado |
4.63% (4.76% APR) |
71.9% |
22.2% |
|
Connecticut |
4.50% (4.62% APR) |
59.5% |
43.3% |
|
Delaware |
4.38% (4.48% APR) |
67.6% |
50.3% |
|
District of Columbia |
4.50% (4.74% APR) |
58.3% |
25.5% |
|
Florida |
4.50% (4.59% APR) |
90.8% |
41.1% |
|
Georgia |
4.63% (4.77% APR) |
80.9% |
25.8% |
|
Hawaii |
4.75% (4.88% APR) |
54.2% |
25.4% |
|
Idaho |
4.63% (4.76% APR) |
73.4% |
29.8% |
|
Illinois |
4.63% (4.75% APR) |
72.4% |
31.7% |
|
Indiana |
4.50% (4.69% 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 |
4.63% (4.76% APR) |
67.6% |
53.1% |
|
Louisiana |
4.63% (4.82% APR) |
78.5% |
75.5% |
|
Maine |
4.50% (4.62% APR) |
58.6% |
30.1% |
|
Maryland |
4.50% (4.74% APR) |
70.4% |
25.6% |
|
Massachusetts |
4.63% (4.75% APR) |
60.7% |
46.0% |
|
Michigan |
4.50% (4.62% APR) |
84.3% |
32.2% |
|
Minnesota |
4.50% (4.62% APR) |
65.6% |
22.2% |
|
Mississippi |
4.63% (4.82% APR) |
78.4% |
30.1% |
|
Missouri |
4.50% (4.62% 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 |
4.63% (4.75% APR) |
69.8% |
25.2% |
|
New Jersey |
4.50% (4.59% APR) |
62.2% |
29.0% |
|
New Mexico |
4.63% (4.78% APR) |
66.4% |
45.8% |
|
New York |
4.50% (4.61% APR) |
50.1% |
42.1% |
|
North Carolina |
4.63% (4.76% APR) |
71.2% |
33.2% |
|
North Dakota |
4.63% (4.82% APR) |
60.1% |
37.7% |
|
Ohio |
4.63% (4.75% APR) |
75.4% |
27.0% |
|
Oklahoma |
4.50% (4.62% APR) |
71.0% |
52.4% |
|
Oregon |
4.63% (4.79% APR) |
69.6% |
19.6% |
|
Pennsylvania |
4.50% (4.59% APR) |
62.5% |
75.7% |
|
Rhode Island |
4.63% (4.82% APR) |
62.6% |
36.6% |
|
South Carolina |
4.63% (4.75% APR) |
71.0% |
29.0% |
|
South Dakota |
4.50% (4.62% APR) |
N/A |
N/A |
|
Tennessee |
4.63% (4.76% APR) |
71.2% |
30.7% |
|
Texas |
4.50% (4.63% APR) |
68.8% |
30.6% |
|
Utah |
4.63% (4.87% APR) |
73.7% |
22.2% |
|
Vermont |
4.63% (4.82% APR) |
N/A |
N/A |
|
Virginia |
4.50% (4.74% APR) |
71.7% |
25.0% |
|
Washington |
4.63% (4.78% 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 |
4.63% (4.76% APR) |
64.2% |
23.0% |
|
For more state-level housing market data, please contact Nicole Hall. Or, to compare 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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