LendingTree Weekly Mortgage Rate Pulse Reports Falling Rates

Jumbo Rate Spreads Tighten, Resulting in Most Attractive Level Relative to Conforming Since 2007

CHARLOTTE, NC (January 5, 2011)  - Average mortgage rates fell week-over-week, 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 4, average home loan rates offered by LendingTree network lenders were 5.01 percent (5.26% APR) for 30-year fixed mortgages, 4.34 percent (4.70% APR) for 15-year fixed mortgages and 3.91 percent (4.06% APR) for 5/1 adjustable rate mortgages (ARM). Mortgage rates for all loan types were down from the prior 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.  

On January 4, LendingTree network lenders offered rates for a jumbo loan as low as 5.375% percent (5.393% APR) for 30-year fixed mortgages, 5.875 percent (5.917% APR) for 15-year fixed mortgages.

Average jumbo loan rates offered by lenders this week were 5.90 percent (5.97% APR) for 30-year fixed mortgages and 5.73 percent (5.84% APR) for 15-year fixed mortgages.

“Since September, the spread between a conforming 30-year fixed mortgage and a jumbo mortgage has slowly narrowed to 60 basis points, reaching their most attractive level since mid-2007.” said Cameron Findlay, LendingTree chief economist. “For homeowners in the high-end housing market, it’s a great time to consider refinancing.”

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 1/4/11

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

% WITH NEGATIVE EQUITY*

Alabama

4.50% (4.65% APR)

67%

9.8%

Alaska

4.63% (4.82% APR)

67%

10.6%

Arizona

4.50% (4.70% APR)

94%

50%

Arkansas

4.63% (4.74% APR)

74%

12%

California

4.50% (4.63% APR)

70%

32.8%

Colorado

4.50% (4.70% APR)

72%

19.7%

Connecticut

4.50% (4.61% APR)

58%

12%

Delaware

4.50% (4.59% APR)

68%

13.5%

District of Columbia

4.50% (4.74% APR)

59%

15.5%

Florida

4.38% (4.48% 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% (4.70% APR)

73%

23.7%

Illinois

4.50% (4.70% APR)

71%

19.7%

Indiana

4.50% (4.70% APR)

70%

11%

Iowa

4.63% (4.82% APR)

67%

8.8%

Kansas

4.63% (4.82% APR)

70%

10.8%

Kentucky

4.50% (4.70% APR)

67%

8.5%

Louisiana

4.50% (4.70% APR)

N/A

23%

Maine

4.50% (4.70% APR)

N/A

23%

Maryland

4.50% (4.63% APR)

69%

22.2%

Massachusetts

4.63% (4.75% APR)

60%

15%

Michigan

4.50% (4.64% APR)

86%

38%

Minnesota

4.50% (4.63% APR)

65%

16.3%

Mississippi

4.50% (4.70% 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

4.50% (4.70% APR)

69%

18.4%

New Jersey

4.50% (4.63% APR)

61%

15.4%

New Mexico

4.50% (4.70% APR)

66%

12.2%

New York

4.50% (4.61% APR)

50%

7.1%

North Carolina

4.38% (4.57% APR)

70%

10.4%

North Dakota

4.50% (4.70% APR)

60%

7.4%

Ohio

4.50% (4.70% APR)

74%

19.7%

Oklahoma

4.63% (4.74% APR)

70%

5.8%

Oregon

4.50% (4.70% 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% (4.63% APR)

71%

14.3%

South Dakota

4.50% (4.62% 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% (4.70% APR)

73%

20.4%

Vermont

4.50% (4.70% APR)

N/A

23%

Virginia

4.38% (4.61% APR)

71%

22.7%

Washington

4.50% (4.70% APR)

66%

15.2%

West Virginia

4.63% (4.82% APR)

N/A

23%

Wisconsin

4.63% (4.82% APR)

67%

13.7%

Wyoming

4.63% (4.7%4 APR)

N/A

23%

  

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