LendingTree Weekly Mortgage Rate Pulse Reveals Declining Dip in Rates

Rates Expected to Increase in Anticipation of Fannie Mae Changes

CHARLOTTE, NC (January 12, 2011)  - Average mortgage rates fell week-over-week, but the decrease is expected to be short-lived, according to the LendingTree Weekly Mortgage Rate Pulse, a snapshot of the lowest and average home loan rates available within the LendingTree network of lenders.

 

On January 11, average home loan rates offered by LendingTree network lenders were 4.97 percent (5.22% APR) for 30-year fixed mortgages, down from last week’s average rates of 5.01% (5.22% APR).  Rates for 15-year fixed mortgages were 4.31 percent (4.69% APR) and 3.78 percent (4.02% APR) for 5/1 adjustable rate mortgages (ARM). Rates for 15-year fixed mortgages and 5/1 ARMs also dipped week- over-week.  

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.375 percent (4.57% APR) for a 30-year fixed mortgage, 3.75 percent (3.99% APR) for a 15-year fixed mortgage and 3.00 percent (3.21% APR) for a 5/1 ARM.

 

“The party is over when it comes to record-low mortgage rates,” said Cameron Findlay, LendingTree chief economist.  “Fannie Mae recently announced some key changes that are expected to cause mortgage rates to rise: Loan-Level Price Adjustments and Adverse Market Delivery Charges, To the average consumer this may sound like a lot of industry jargon, but these changes are going to translate into real cost  to borrowers in the upcoming weeks. The Fannie Mae changes will go into effect on April 1, but borrowers will likely see an impact in rates by February 1.  For homeowners looking to save on their monthly expenses now is the time to refinance."

 

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 1/12/10

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

% WITH NEGATIVE EQUITY*

Alabama

4.50% (4.63% APR)

67%

9.8%

Alaska

4.63% (4.82% APR) ­

67%

10.6%

Arizona

4.63% (4.77% APR)

94%

50%

Arkansas

4.63% (4.82% APR)

74%

12%

California

4.50% (4.63% APR)

70%

32.8%

Colorado

4.50% (4.67% APR)

72%

19.7%

Connecticut

4.38% (4.48% APR)

58%

12%

Delaware

4.38% (4.48% APR)

68%

13.5%

District of Columbia

4.50% (4.74% APR)

59%

15.5%

Florida

4.38% (4.51% APR)

90%

46.4%

Georgia

4.38% (4.52% APR)

80%

28.1%

Hawaii

4.63% (4.71% APR)

55%

10.7%

Idaho

4.50% (4.64% APR)

73%

23.7%

Illinois

4.50% (4.63% APR)

71%

19.7%

Indiana

4.50% (4.63% APR)

70%

11%

Iowa

4.63% (4.82% APR)

67%

8.8%

Kansas

4.38% (4.57% APR)

70%

10.8%

Kentucky

4.38% (4.57% APR)

67%

8.5%

Louisiana

4.38% (4.57% APR)

N/A

23%

Maine

4.50% (4.70% APR)

N/A

23%

Maryland

4.38% (4.61% APR)

69%

22.2%

Massachusetts

4.63% (4.75% APR)

60%

15%

Michigan

4.50% (4.63% APR)

86%

38%

Minnesota

4.38% (4.48% APR)

65%

16.3%

Mississippi

4.38% (4.57% APR)

N/A

23%

Missouri

4.38% (4.57% APR)

71%

15.5%

Montana

4.63% (4.71% APR)  

60%

7.7%

Nebraska

4.63% (4.82% APR)   

73%

9.3%

Nevada

4.63% (4.76% APR)

120%

68.1%

New Hampshire

4.63% (4.75% APR)

69%

18.4%

New Jersey

4.38% (4.48% APR)

61%

15.4%

New Mexico

4.50% (4.65% APR)

66%

12.2%

New York

4.38% (4.48% APR)

50%

7.1%

North Carolina

4.38% (4.57% APR)

70%

10.4%

North Dakota

4.63% (4.82% APR)

60%

7.4%

Ohio

4.50% (4.63% APR)

74%

19.7%

Oklahoma

4.63% (4.82% APR)

70%

5.8%

Oregon

4.50% (4.66% APR)

69%

15.7%

Pennsylvania

4.38% (4.48% APR)

62%

7.3%

Rhode Island

4.50% (4.70% APR)

62%

20.3%

South Carolina

4.50% (4.64% APR)  

71%

14.3%

South Dakota

4.63% (4.82% APR)

N/A

23%

Tennessee

4.38% (4.57% APR)

71%

13.8%

Texas

4.50% (4.63% APR)

70%

11.3%

Utah

4.50% (4.74% APR)

73%

20.4%

Vermont

4.38% (4.57% APR)

N/A

23%

Virginia

4.38% (4.48% APR)

71%

22.7%

Washington

4.50% (4.63% APR)

66%

15.2%

West Virginia

4.63% (4.82% APR)

N/A

23%

Wisconsin

4.63% (4.82% APR)

67%

13.7%

Wyoming

4.50% (4.64% APR)

N/A

23%

 

Additional refinance mortgage rates are available at www.lendingtree.com/mortgage-rates.

The LendingTree Weekly Mortgage Rate Pulse will be published every Wednesday. Home loan 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 28 million loan requests and $214 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, dial 800-555-TREE , join our Facebook page and/or follow us on Twitter @LendingTree.