Thought Mortgage Rates Couldn't Get Any Lower? Think Again

Average Mortgage Rates Reach New Lows According to the LendingTree Weekly Mortgage Rate Pulse

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Sep 07, 2011, 04:00 ET

CHARLOTTE, N.C., Sept. 7, 2011 /PRNewswire/ -- Average mortgage rates have dipped to new 2011 lows, while lowest rates remained stable 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.

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On September 6, average home loan rates offered by LendingTree network lenders were 4.29% (4.54% APR) for 30-year fixed mortgages, 3.53% (3.90% APR) for 15-year fixed mortgages and 3.38% (3.63% APR) for 5/1 adjustable rate mortgages (ARM), marking the year's lowest average rates.

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, 2.88 percent (3.11% APR) for a 15-year fixed mortgage and 2.50 percent (3.04% APR) for a 5/1 ARM.

"Technology provides consumers a true advantage in the mortgage industry during times like these," says Mona Marimow, Senior Vice President at LendingTree. "Technology enabled online mortgage companies allow borrowers to react quickly to market trends, compare real-time customized offers and even lock-in low rates online, which simplifies the loan process and allows borrowers to save time and money. We're also seeing more LendingTree customers utilizing mobile and tablet technology through their loan process to find the best deal possible in real time."

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 9/7/11 *Updated Quarterly
STATE	LOWEST MORTGAGE RATE	LOAN-TO-VALUE RATIO*	NEGATIVE EQUITY*
US Average	3.75% (3.88% APR)	69.8%	33.5%
Alabama	3.75% (3.88% APR)	68.0%	29.5%
Alaska	3.88% (4.00% APR)	65.8%	19.5%
Arizona	3.75% (3.88% APR)	93.1%	38.9%
Arkansas	3.88% (3.99% APR)	72.3%	43.0%
California	3.88% (4.00% APR)	70.0%	34.4%
Colorado	3.88% (4.04% APR)	72.3%	22.9%
Connecticut	3.75% (3.87% APR)	60.2%	43.4%
Delaware	3.75% (3.84% APR)	67.3%	38.8%
District of Columbia	3.75% (3.88% APR)	58.6%	26.8%
Florida	3.75% (3.88% APR)	87.8%	38.9%
Georgia	3.75% (3.88% APR)	80.9%	26.5%
Hawaii	3.88% (4.00% APR)	53.9%	27.0%
Idaho	3.88% (4.00% APR)	71.7%	30.3%
Illinois	3.88% (4.00% APR)	72.4%	32.3%
Indiana	3.88% (3.97% APR)	69.4%	28.4%
Iowa	4.38% (4.51% APR)	67.3%	44.2%
Kansas	4.38% (4.51% APR)	70.3%	32.2%
Kentucky	3.75% (3.88% APR)	67.9%	52.7%
Louisiana	4.38% (4.51% APR)	75.2%	82.4%
Maine	3.88% (3.99% APR)	58.3%	30.7%
Maryland	3.75% (3.88% APR)	70.3%	25.9%
Massachusetts	3.88% (4.00% APR)	61.9%	47.0%
Michigan	3.88% (4.00% APR)	84.0%	33.4%
Minnesota	3.88% (4.00% APR)	66.8%	22.7%
Mississippi	4.38% (4.51% APR)	78.2%	29.2%
Missouri	3.88% (4.00% APR)	71.9%	32.4%
Montana	4.38% (4.51% APR)	60.3%	33.9%
Nebraska	4.38% (4.51% APR)	73.4%	44.7%
Nevada	3.88% (4.00% APR)	112.7%	53.7%
New Hampshire	3.88% (3.99% APR)	70.3%	26.2%
New Jersey	3.75% (3.84% APR)	62.8%	29.9%
New Mexico	3.88% (4.00% APR)	67.9%	45.9%
New York	3.88% (3.98% APR)	48.7%	36.0%
North Carolina	3.75% (3.88% APR)	71.6%	32.4%
North Dakota	4.38% (4.51% APR)	61.1%	36.3%
Ohio	3.88% (4.00% APR)	75.8%	27.5%
Oklahoma	3.88% (3.99% APR)	71.8%	50.6%
Oregon	3.88% (4.03% APR)	69.8%	19.9%
Pennsylvania	3.75% (3.84% APR)	61.1%	42.0%
Rhode Island	4.38% (4.51% APR)	63.7%	38.7%
South Carolina	3.88% (4.00% APR)	71.5%	28.9%
South Dakota	3.88% (3.99% APR)	N/A	N/A
Tennessee	3.88% (4.00% APR)	71.6%	29.9%
Texas	3.88% (4.01% APR)	68.1%	31.6%
Utah	3.88% (4.00% APR)	72.9%	22.8%
Vermont	4.38% (4.51% APR)	N/A	N/A
Virginia	3.75% (3.98% APR)	71.7%	25.1%
Washington	3.88% (4.00% APR)	68.3%	21.7%
West Virginia	4.38% (4.51% APR)	66.8%	50.6%
Wisconsin	4.38% (4.51% APR)	69.1%	36.0%
Wyoming	3.88% (4.01% APR)	63.1%	24.2%

For more information on current mortgage rates or for state specific mortgage rates, please visit http://www.lendingtree.com/mortgage-loans/rates/. LendingTree Lender Ratings and Reviews can be found here: http://www.lendingtree.com/lender-reviews/.

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, LLC