LendingTree Weekly Mortgage Rate Pulse Reports Rates Remain Stable at Record Lows
CHARLOTTE, NC (July 28, 2010) – Mortgage rates maintained their record-low status 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 July 27, lenders on the LendingTree network offered 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 all product types remained flat week over week.
Average rates offered by lenders on the LendingTree network increased slightly to 4.60 percent (4.80% APR) for 30-year fixed mortgages, 4.09 percent (4.4% APR) for 15-year fixed mortgages and 3.64 percent (3.83% APR) for 5/1 ARMs.
“We are back to the same mortgage rate levels we saw at the end of June, but 30-year rates have declined faster than 15-year rates,” said Cameron Findlay, Chief Economist of LendingTree.com. “This means 30-year mortgages offer more relative value today than 15-year mortgages.”
Below is a state-by-state comparison with week-over-week indicators 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 | |||
STATE | LOWEST MORTGAGE RATE | LOAN-TO-VALUE RATIO | % WITH NEGATIVE EQUITY |
Alabama | 4.13% (4.27% APR) | 65% | 8.6% |
Alaska | 4.25% (4.39% APR) | 67% | 9.3% |
Arizona | 4.25% (4.39% APR) | 95% | 51.3% |
Arkansas | 4.00% (4.12% APR) | 74% | 12.6% |
California | 4.13% (4.23% APR) | 72% | 35.1% |
Colorado | 4.25% (4.39% APR) | 72% | 20.2% |
Connecticut | 4.13% (4.23% APR) | 58% | 11.6% |
Delaware | 4.13% (4.24% APR) | 69% | 14.3% |
District of Columbia | 4.25% (4.39% APR) | N/A | N/A |
Florida | 4.13% (4.23% APR) | 91% | 47.8% |
Georgia | 4.25% (4.45% APR) | 80% | 27.8% |
Hawaii | 4.25% (4.39% APR) | 53% | 9.3% |
Idaho | 4.25% (4.39% APR) | 72% | 22.7% |
Illinois | |||