LendingTree.com Weekly Mortgage Rate Pulse Reports Rates Continue to Fall

CHARLOTTE, NC (August 4, 2010) – Mortgage rates continued to fall this week, according to the LendingTree.com Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders.

On August 3, lenders on the LendingTree network offered mortgage rates as low as 4.125 percent (4.26% APR) for a 30-year fixed mortgage, 3.625 percent (3.97% APR) for a 15-year fixed mortgage and 3.00 percent (3.46% APR) for a 5/1 adjustable rate mortgage (ARM). Rates for all product types dropped an eighth of a point to new lows.

Average rates offered by lenders on the LendingTree network increased slightly to 4.54 percent (4.74% APR) for 30-year fixed mortgages, 4.05 percent (4.36% APR) for 15-year fixed mortgages and 3.51 percent (3.73% APR) for 5/1 ARMs.

“Last week’s second quarter Gross Domestic Product numbers reflected a 2.4% growth rate, less than the forecasted 2.6%, said Cameron Findlay, Chief Economist of LendingTree.com.  “There is a strong relationship of bond prices to inflation risk. Generally as the risk to inflation grows, bond prices move lower, leading mortgage rates to increase. Recently, there has been a very low risk of inflation, forcing bond prices higher and mortgage rates to move lower. With price growth slower than expected, borrowers can expect mortgage rates to remain low.”

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% (4.26% APR) ↓

65%

8.6%

Alaska

4.13% (4.26% APR) ↓

67%

9.3%

Arizona

4.13% (4.23% APR) ↓

95%

51.3%

Arkansas

4.13% (4.26% APR) ↑

74%

12.6%

California

4.13% (4.25% APR) ↑

72%

35.1%

Colorado

4.13% (4.26% APR) ↓

72%

20.2%

Connecticut

4.00% (4.10% APR) ↓

58%

11.6%

Delaware

4.00% (4.10% APR) ↓

69%

14.3%

District of Columbia

4.00% (4.23% APR) ↓

N/A

N/A

Florida

4.00% (4.13% APR) ↓

91%

47.8%

Georgia

4.13% (4.26% APR) ↓

80%

27.8%

Hawaii

4.13% (4.26% APR) ↓

53%

9.3%

Idaho

4.13% (4.26% APR) ↓

72%

22.7%

Illinois

4.13% (4.25% APR) ↓

72%

20.9%

Indiana

4.13% (4.26% APR) ↓

69%

10.7%

Iowa

4.13% (4.26% APR) ↓

66%

8.9%

Kansas

4.13% (4.26% APR) ↓

70%

10.7%

Kentucky

4.13% (4.24% APR) ―

67%

9.0%

Louisiana

4.13% (4.26% APR) ↓

N/A

23.8%

Maine

4.13% (4.26% APR) ―

N/A

23.8%

Maryland

4.00% (4.12% APR) ↓

69%

22.9%

Massachusetts

4.13% (4.24% APR) ↓

61%

15.8%

Michigan

4.13% (4.25% APR) ↓

85%

38.5%

Minnesota

4.00% (4.12% APR) ↓

65%

16.6%

Mississippi

4.13% (4.26% APR) ↓

N/A

23.8%

Missouri

4.00% (4.12% APR) ↓

71%

15.5%

Montana

4.25% (4.39% APR) ↓

57%

6.9%

Nebraska

4.13% (4.32% APR) ↓

72%

8.8%

Nevada

4.25% (4.39% APR) ―

123%

69.9%

New Hampshire

4.13% (4.24% APR) ↓

69%

19.1%

New Jersey

4.00% (4.10% APR) ↓

62%

16.1%

New Mexico

4.13% (4.26% APR) ↓

66%

12.3%

New York

4.00% (4.10% APR) ↓

49%

6.3%

North Carolina

4.13% (4.26% APR) ↓

70%

10.2%

North Dakota

4.13% (4.26% APR) ↓

60%

7.6%

Ohio

4.00% (4.12% APR) ↓

75%

19.8%

Oklahoma

4.00% (4.15% APR) ―

70%

6.0%

Oregon

4.13% (4.28% APR) ↓

68%

15.9%

Pennsylvania

4.00 % (4.12% APR) ↓

62%

7.5%

Rhode Island

4.25% (4.39% APR) ―

55%

16.8%

South Carolina

4.13% (4.25% APR) ↓

70%

13.5%

South Dakota

4.13% (4.26% APR) ↓

N/A

23.8%

Tennessee

4.13% (4.26% APR) ↓

71%

13.9%

Texas

4.00% (4.14% APR) ↓

70%

11.9%

Utah

4.13% (4.36% APR) ↓

73%

21.1%

Vermont

4.13% (4.26% APR) ↓

N/A

23.8%

Virginia

4.00% (4.23% APR) ↓

72%

24.3%

Washington

4.13% (4.25% APR) ↓

67%

15.9%

West Virginia

4.13% (4.26% APR) ↓

N/A

23.8%

Wisconsin

4.13% (4.26% APR) ↓

68%

14.7%

Wyoming

4.13% (4.24% APR) ↓

N/A

23.8%

 

Additional mortgage rate information is available here.

The LendingTree Weekly Mortgage Rate Pulse will be published every Wednesday. 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 27 million loan requests and $207 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 or 800-555-TREE.

  

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