Rate Variance Between Lenders Continues to Climb According to the LendingTree Weekly Mortgage Rate Pulse
The year's largest spread between lowest and average rates amplifies necessity for consumers to comparison shop for home loans
CHARLOTTE, N.C., Aug. 24, 2011 /PRNewswire/ -- Average mortgage rates remained stable, while lowest rates offered slipped to new lows 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 August 23, average home loan rates offered by LendingTree network lenders were 4.35% (4.58% APR) for 30-year fixed mortgages, 3.61% (3.97% APR) for 15-year fixed mortgages and 3.48% (3.70% APR) for 5/1 adjustable rate mortgages (ARM).
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 (3.22% APR) for a 15-year fixed mortgage and 2.50 percent (3.04% APR) for a 5/1 ARM, showing a 60 basis point difference between average and lowest rates offered.
"The window to capitalize on record-low rates is beginning to close; fence-sitters could miss out on this opportunity if they fail to act quickly," says Mona Marimow, Senior Vice President of LendingTree. "We're seeing an increase not only in interest rates, but also in pricing disparity between lenders which means it's more important than ever to shop around for your loan. Rates can vary by 1% or more from lender to lender, translating into a difference of about $140 per month on a $250,000 loan. In order to maximize savings, consumers should avoid the tail-end of the refinancing wave and act soon."
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 8/23/11 *Updated Quarterly |
||||
STATE |
LOWEST MORTGAGE RATE |
LOAN-TO-VALUE RATIO* |
NEGATIVE EQUITY* |
|
US Average |
3.75% (3.88% APR) |
69.7% |
33.1% |
|
Alabama |
3.88% (4.00% APR) |
67.4% |
27.9% |
|
Alaska |
4.00% (4.13% APR) |
65.9% |
17.6% |
|
Arizona |
3.88% (4.00% APR) |
93.6% |
38.9% |
|
Arkansas |
3.88% (3.99% APR) |
72.2% |
41.7% |
|
California |
3.88% (4.00% APR) |
70.1% |
34.6% |
|
Colorado |
3.88% (4.04% APR) |
71.8% |
21.9% |
|
Connecticut |
3.88% (4.00% APR) |
59.5% |
43.9% |
|
Delaware |
3.88% (3.96% APR) |
66.4% |
37.9% |
|
District of Columbia |
3.88% (4.00% APR) |
58.7% |
26.1% |
|
Florida |
3.88% (3.99% APR) |
88.8% |
39.1% |
|
Georgia |
3.88% (4.00% APR) |
80.8% |
25.7% |
|
Hawaii |
4.00% (4.12% APR) |
54.0% |
26.3% |
|
Idaho |
3.88% (4.01% APR) |
72.6% |
29.5% |
|
Illinois |
3.88% (4.00% APR) |
72.2% |
31.7% |
|
Indiana |
3.88% (3.97% APR) |
69.3% |
27.8% |
|
Iowa |
4.38% (4.51% APR) |
66.9% |
42.1% |
|
Kansas |
4.38% (4.51% APR) |
70.2% |
30.9% |
|
Kentucky |
3.88% (4.00% APR) |
67.7% |
51.9% |
|
Louisiana |
4.38% (4.51% APR) |
74.7% |
79.6% |
|
Maine |
3.88% (3.99% APR) |
58.4% |
29.7% |
|
Maryland |
3.88% (4.00% APR) |
70.1% |
25.5% |
|
Massachusetts |
4.00% (4.13% APR) |
60.9% |
45.4% |
|
Michigan |
4.00% (4.13% APR) |
84.2% |
32.6% |
|
Minnesota |
3.88% (3.98% APR) |
66.2% |
21.8% |
|
Mississippi |
4.38% (4.51% APR) |
78.5% |
29.5% |
|
Missouri |
3.88% (4.02% APR) |
71.7% |
31.0% |
|
Montana |
4.38% (4.51% APR) |
60.5% |
32.5% |
|
Nebraska |
4.38% (4.51% APR) |
72.7% |
44.1% |
|
Nevada |
4.00% (4.13% APR) |
114.7% |
54.0% |
|
New Hampshire |
4.00% (4.12% APR) |
70.7% |
25.4% |
|
New Jersey |
3.88% (3.99% APR) |
62.3% |
29.3% |
|
New Mexico |
3.88% (4.02% APR) |
67.3% |
41.3% |
|
New York |
4.00% (4.10% APR) |
48.4% |
35.1% |
|
North Carolina |
3.75% (3.88% APR) |
71.1% |
32.0% |
|
North Dakota |
4.38% (4.51% APR) |
60.6% |
35.3% |
|
Ohio |
4.00% (4.13% APR) |
75.4% |
27.0% |
|
Oklahoma |
4.00% (4.12% APR) |
75.5% |
53.5% |
|
Oregon |
4.00% (4.16% APR) |
69.7% |
19.5% |
|
Pennsylvania |
3.88% (3.96% APR) |
60.6% |
42.3% |
|
Rhode Island |
4.38% (4.51% APR) |
62.8% |
36.8% |
|
South Carolina |
3.88% (4.00% APR) |
70.9% |
28.1% |
|
South Dakota |
3.88% (3.99% APR) |
N/A |
N/A |
|
Tennessee |
3.88% (4.02% APR) |
71.3% |
29.5% |
|
Texas |
3.88% (4.00% APR) |
68.4% |
30.5% |
|
Utah |
3.88% (4.11% APR) |
73.3% |
22.3% |
|
Vermont |
4.38% (4.51% APR) |
N/A |
N/A |
|
Virginia |
3.88% (4.10% APR) |
70.8% |
24.6% |
|
Washington |
3.88% (4.02% APR) |
68.0% |
21.3% |
|
West Virginia |
4.38% (4.51% APR) |
66.5% |
57.6% |
|
Wisconsin |
4.38% (4.51% APR) |
68.5% |
34.4% |
|
Wyoming |
3.88% (4.01% APR) |
63.5% |
22.7% |
|
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:
Mona Marimow
(704) 943-8030
[email protected]
SOURCE LendingTree
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