LendingTree Weekly Mortgage Rate Pulse Reports Rates at Historic Lows
CHARLOTTE, NC (June 30, 2010) – The average mortgage rates offered by lenders on the LendingTree network beat Freddie Mac’s national average this week, according to the company’s Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders.
On June 29, rates reached historic lows with lenders on the LendingTree network offering mortgage rates as low as 4.25 percent (4.39% APR) for a 30-year fixed mortgage, 3.75 percent (3.99% APR) for a 15-year fixed mortgage and 3.125 percent (3.5% APR) for a 5/1 adjustable rate mortgage (ARM). Rates for 30-year fixed and 5/1 ARMs dropped 0.125 percent week-over-week while rates for the 15-year fixed mortgages remained flat.
Average rates offered by lenders on the LendingTree network this week were 4.64 percent (4.85% APR) for 30-year fixed mortgages, 4.17 percent (4.46% APR) for 15-year fixed mortgages and 3.59 percent (3.78% APR) for 5/1 ARMs.
“With this week’s Standard & Poor numbers showing year-over-year improvements in home prices, it’s a wake-up call for homeowners to think about their home’s value and their mortgage,” said Cameron Findlay, Chief Economist of LendingTree.com. “Nearly 60% of the outstanding universe of mortgages are paying a rate higher than 5.50%, but have not fully evaluated a refinance alternative. Just a 0.75% reduction can save consumers $92 a month or just over $1,100 per year, assuming a $200,000 loan at 4.75% vs. a 5. 5% 30-year fixed rate.”
Consumers looking to shop around for the best rate can utilize LendingTree’s free Mortgage RateFinder iPhone and Blackberry apps, enabling users to obtain up to 30 different customized on-the-spot loan offers anonymously. Once a great offer is found, users can simply click to be contacted by that lender and move forward with the loan request.
Below is a state-by-state comparison of mortgage data outlining 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 | |||
STATE | LOWEST MORTGAGE RATE | LOAN-TO-VALUE RATIO | % WITH NEGATIVE EQUITY |
Alabama | 4.25% (4.37% APR) | 67% | 9.3% |
Alaska | 4.375% (4.39% APR) | 65% | 8.6% |
Arizona | 4.25% (4.36% APR) | 95% | 51.3% |
Arkansas | 4.25% (4.39% APR) | 74% | 12.6% |
California | 4.25% (4.39% APR) | 72% | 35.1% |
Colorado | 425% (4.39% APR) | 72% | 20.2% |
Connecticut | 4.25% (4.45% APR) | 58% | 11.6% |
Delaware | 4.25% (4.34% APR) | 69% | 14.3% |
District of Columbia | 4.25% (4.48% APR) |
N/A | N/A |
Florida | 4.13% (4.24% APR) | 91% | |