LendingTree Weekly Mortgage Rate Pulse Reports Rates Rise
CHARLOTTE, NC (June 22, 2011) – Average mortgage rates rose slightly after declining for several weeks according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average mortgage rates offered by lenders on the LendingTree network.
On June 21, average home loan rates offered by LendingTree network lenders were 4.70% (4.92% APR) for 30-year fixed mortgages, 3.95% (4.3% APR) for 15-year fixed mortgages and 3.27% (3.42% APR) for 5/1 adjustable rate mortgages (ARM). Rates for both 30-year and 15-year mortgages rose slightly week over week.
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.375 percent (4.51% APR) for a 30-year fixed mortgage, 3.5 percent (3.74% APR) for a 15-year fixed mortgage and 2.75 percent (3.12% APR) for a 5/1 ARM.
“Over the past several months, we’ve seen a surge of borrowers refinancing to shorten their loan term,” said Chad Smith, senior vice president of mortgage services at LendingTree.com. “With 15-year rates hovering below 4 percent, many homeowners are jumping at the opportunity to save on interest with a shorter loan term and pay off their mortgage faster. For borrowers with flexibility around their monthly payment, this can be a great strategy and yield significant savings over the long term.”
The following table shows 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 6/22/11 *Updated Quarterly | |||
STATE | LOWEST MORTGAGE RATE | LOAN-TO-VALUE RATIO* | NEGATIVE EQUITY* |
US Average | 4.38% (4.51% APR) – | 70.2% | 35.0% |
Alabama | 4.25% (4.39% APR) – | 67.0% | 28.9% |
Alaska | 4.75% (4.95% APR) – | 66.3% | 17.3% |
Arizona | 4.38% (4.51% APR) – | 94.6% | 39.4% |
Arkansas | 4.38% (4.49% APR) – | 72.6% | 43.9% |
California | 4.38% (4.51% APR) – | 70.6% | 34.8% |
Colorado | 4.38% (4.51% APR) Ô | 71.9% | 22.2% |
Connecticut | 4.25% (4.36% APR) – | 59.5% | 43.3% |
Delaware | 4.25% (4.36% APR) – | 67.6% | 50.3% |
District of Columbia | 4.25% (4.48% APR) – | 58.3% | 25.5% |
Florida | 4.25% (4.36% APR) – | 90.8% | 41.1% |
Georgia | 4.38% (4.51% APR) – | 80.9% | 25.8% |
Hawaii | 4.38% (4.50% APR) – | 54.2% | 25.4% |
Idaho | 4.38% (4.51% APR) ↑ | 73.4% | 29.8% |
Illinois | 4.38% (4.51% APR) – | 72.4% | 31.7% |
Indiana | 4.25% (4.44% APR) – | 69.4% | 28.5% |
Iowa | 4.63% (4.82% APR) – | 66.7% | 42.9% |
Kansas | 4.63% (4.82% APR) – | 70.5% | 31.8% |
Kentucky | 4.25% (4.39% APR) – | 67.6% | 53.1% |
Louisiana | 4.63% (4.82% APR) – | 78.5% | 75.5% |
Maine | 4.38% (4.49% APR) – | 58.6% | 30.1% |
Maryland | 4.25% (4.48% APR) – | 70.4% | 25.6% |
Massachusetts | 4.38% (4.49% APR) – | 60.7% | 46.0% |
Michigan | 4.38% (4.50% APR) – | 84.3% | 32.2% |
Minnesota | 4.25% (4.36% APR) – | 65.6% | 22.2% |
Mississippi | 4.63% (4.82% APR) – | 78.4% | 30.1% |
Missouri | 4.38% (4.51% APR) ↑ | 71.6% | 31.0% |
Montana | 4.75% (4.95% APR) – | 60.2% | 33.4% |
Nebraska | 4.63% (4.82% APR) – | 72.3% | 46.5% |
Nevada | 4.75% (4.95% APR) – | 118.0% | 55.3% |
New Hampshire | 4.38% (4.49% APR) – | 69.8% | 25.2% |
New Jersey | 4.25% (4.36% APR) – | 62.2% | 29.0% |
New Mexico | 4.38% (4.51% APR) ↑ | 66.4% | 45.8% |
New York | 4.38% (4.48% APR) – | 50.1% | 42.1% |
North Carolina | 4.38% (4.51% APR) – | 71.2% | 33.2% |
North Dakota | 4.63% (4.82% APR) – | 60.1% | 37.7% |
Ohio | 4.38% (4.50% APR) – | 75.4% | 27.0% |
Oklahoma | 4.38% (4.49% APR) ↑ | 71.0% | 52.4% |
Oregon | 4.38% (4.54% APR) ↑ | 69.6% | 19.6% |
Pennsylvania | 4.25% (4.36% APR) – | 62.5% | 75.7% |
Rhode Island | 4.63% (4.82% APR) – | 62.6% | 36.6% |
South Carolina | 4.38% (4.50% APR) – | 71.0% | 29.0% |
South Dakota | 4.25% (4.37% APR) – | N/A | N/A |
Tennessee | 4.38% (4.50% APR) – | 71.2% | 30.7% |
Texas | 4.25% (4.38% APR) – | 68.8% | |