LendingTree Weekly Mortgage Rate Pulse Reports Rates at 4.375 Percent

CHARLOTTE, NC (June 23, 2010) – According to LendingTree’s Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders, on June 22,, lenders on the LendingTree network offered rates as low as 4.375 percent (4.51% APR) for a 30-year fixed mortgage, 3.75 percent (3.99% APR) for a 15-year fixed mortgage and 3.25 percent (3.53% APR) for a 5/1 adjustable rate mortgage (ARM). Rates remained flat week over week.

The overall average rate offered by lenders on the LendingTree network dropped week over week to 4.75 percent (4.94% APR) for 30-year fixed mortgages, 4.14 percent (4.38% APR) for 15-year fixed mortgages and 3.74 percent (3.84% APR) for 5/1 ARMs.

According to LendingTree data, the home loan rates a consumer is offered by different lenders can vary by as much as 0.35 percent.

“Mortgage rates have been extremely volatile in the past few weeks driven by impending Mortgage Reform and foreign government demand for U.S debt, like Treasury bonds,” said Cameron Findlay, Chief Economist of LendingTree.com.  “This volatility creates an opportunity for borrowers to catch lenders off guard by finding someone who has not increased their rates relative to the shift in the market. The magnitude of that volatility today, its propensity to change before rates are recast, is approximately 0.35%.”

To put the 0.35% rate variance into perspective, a borrower taking out a $250,000 loan could save $54 a month by shopping around to find a lender offering the lower rate (5.00% vs. 5.35%).  Borrowers looking to find the best deal can use the free LendingTree Look Before You Lock tool to see if the rate they’ve been offered is comparable to offers received by consumers with similar loan profiles. In just a few quick steps, Look Before You Lock lets homebuyers know whether they should jump on their rate, or continue looking.

Lowest 30-Year Fixed Rates By State

STATE

LOWEST MORTGAGE RATE

Alabama

4.25% (4.37% APR)

Alaska

4.375% (4.51% APR)

Arizona

4.375% (4.51% APR)

Arkansas

4.375% (4.51% APR)

California

4.375% (4.58% APR)

Colorado

4.375% (4.55% APR)

Connecticut

4.25% (4.35% APR)

Delaware

4.25% (4.35% APR)

Florida

4.25% (4.34% APR)

Georgia

4.25% (4.39% APR)

Hawaii

4.375% (4.51% APR)

Idaho

4.375% (4.51% APR)

Illinois

4.375% (4.51% APR)

Indiana

4.25% (4.45% APR)

Iowa

4.375% (4.51% APR)

Kansas

4.25% (4.36% APR)

Kentucky

4.25% (4.39% APR)

Louisiana

4.375% (4.51% APR)

Maine

4.25% (4.37% APR)

Maryland

4.25% (4.48% APR)

Massachusetts

4.25% (4.44% APR)

Michigan

4.25% (4.37% APR)

Minnesota

4.25% (4.36% APR)

Mississippi

4.25% (4.45% APR)

Missouri

4.25% (4.45% APR)

Montana

4.375% (4.51% APR)

Nebraska

4.25% (4.45% APR)

Nevada

4.375% (4.52% APR)

New Hampshire

4.375% (4.51% APR)

New Jersey

4.25% (4.34% APR)

New Mexico

4.25% (4.45% APR)

New York

4.25% (4.36% APR)

North Carolina

4.375% (4.51% APR)

North Dakota

4.375% (4.51% APR)

Ohio

4.25% (4.37% APR)

Oklahoma

4.25% (4.45% APR)

Oregon

4.375% (4.51% APR)

Pennsylvania

4.25% (4.36% APR)

Rhode Island

4.375% (4.51% APR)

South Carolina

4.25% (47% APR)

South Dakota

4.5% (4.37% APR)

Tennessee

4.25% (4.45% APR)

Texas

4.25% (4.37% APR)

Utah

4.375% (4.62% APR)

Vermont

4.375% (4.51% APR)

Virginia

4.25% (4.37% APR)

Washington

4.375% (4.53% APR)

West Virginia

4.25% (4.45% APR)

Wisconsin

4.375% (4.51% APR)

Wyoming

4.25% (4. 37% APR)

 

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. 

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). 

 

 

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