LendingTree.com Weekly Mortgage Rate Pulse Reveals Rising Rates
CHARLOTTE, NC (October27, 2010) – Average mortgage rates ticked up 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 October 26, average home loan rates offered by LendingTree network lenders rose week-over-week to 4.34% percent (4.55% APR) for 30-year fixed mortgages, 3.80 percent (4.11% APR) for 15-year fixed mortgages and 3.34 percent (3.57% APR) for 5/1 ARMs.
On the same day, mortgage rates offered by lenders on the LendingTree network were as low as 3.88 percent (4.01% APR) for a 30-year fixed mortgage, 3.25 percent (3.49% APR) for a 15-year fixed mortgage and 2.75 percent (3.12% APR) for a 5/1 adjustable rate mortgage (ARM).
“Yesterday’s S&P/Case-Shiller U.S. National Home Price Index numbers showed a decline of 0.2% from July to August,” said Cameron Findlay, LendingTree’s chief economist. “After seeing home prices decline 19% from the peak in June 2006, the New York market has started to rebound back to their February 2009 levels. This decline and subsequent slow recovery look very much like the results for all 20 regions combined indicating that the New York market is acting as a proxy for any changes we might see in the broader market. Yet, despite this news, we expect further price erosion between 4-6% in the next 12 months.”
Below is a state-by-state comparison 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 10/27/10 *Updated Quarterly | |||
STATE | LOWEST MORTGAGE RATE | LOAN-TO-VALUE RATIO* | % WITH NEGATIVE EQUITY* |
Alabama | 3.88% (4.01% APR) | 67% | 9.8% |
Alaska | 4.00% (4.19% APR) | 67% | 10.6% |
Arizona | 3.88% (4.06 % APR) | 94% | 50% |
Arkansas | 3.88% (3.99% APR) | 74% | 12% |
California | 3.88% (3.98% APR) | 70% | 32.8% |
Colorado | 3.88% (4.06% APR) | 72% | 19.7% |
Connecticut | 3.88% (4.01% APR) | 58% | 12% |
Delaware | 3.75% (3.85% APR) | 68% | 13.5% |
District of Columbia | 3.88% (4.10% APR) | 59% | 15.5% |
Florida | 3.75% (3.85% APR) | 90% | 46.4% |
Georgia | 3.88% (4.02% APR) | 80% | 28.1% |
Hawaii | 4.00% (4.19% APR) | 55% | 10.7% |
Idaho | 4.00% (4.13% APR) | 73% | 23.7% |
Illinois | 3.88% (4.06% APR) | 71% | |