LendingTree Weekly Mortgage Rate Pulse Reports Lowest 30-Year Fixed Rate Stable at 4.25%

New Data Suggests Rates Offered Can Vary by Nearly 1 Point

CHARLOTTE, NC (July 7, 2010) – Mortgage rates offered by lenders on the LendingTree network held steady at record lows this week, according to the company's Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders.

On July 6, lenders on the LendingTree network offered mortgage rates as low as 4.25 percent (4.45% APR) for a 30-year fixed mortgage, 3.75 percent (3.99% APR) for a 15-year fixed mortgage and 3.125 percent (3.5% APR) for a 5/1 adjustable rate mortgage (ARM). Rates for each loan type remained flat week over week.

Average rates offered by lenders on the LendingTree network this week were 4.63 percent (4.83% APR) for 30-year fixed mortgages, 4.13 percent (4.41% APR) for 15-year fixed mortgages and 3.6 percent (3.79% APR) for 5/1 ARMs.

"The variance in rates offered by different lenders has widened to 0.94%. That's up 59 basis points from just two weeks ago," said Cameron Findlay, Chief Economist of LendingTree.com.  "On a $200,000 loan, this spread is costing borrowers $109 per month in additional mortgage payments. Clearly, mortgage originators have a lot of room to negotiate on price, so if consumers are considering purchasing or refinancing, this is proof of why competition provided by LendingTree is important, even in a low rate environment."

LendingTree simplifies the loan shopping process by allowing consumers to compare multiple offers from up to five lenders, providing peace of mind by ensuring they're receiving the lowest rate and the best terms.

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

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO

% WITH NEGATIVE EQUITY

Alabama

4.25% (4.45% APR)

67%

9.3%

Alaska

4.375% (4.51% APR)

65%

8.6%

Arizona

4.25% (4.39% APR)

95%

51.3%

Arkansas

4.25% (4.39% APR)

74%

12.6%

California

4.25% (4.38% APR)

72%

35.1%

Colorado

4.25% (4.39% APR)

72%

20.2%

Connecticut

4.13% (4.24% APR)

58%

11.6%

Delaware

4.25% (4.41% APR)

69%

14.3%

District of Columbia

4.25% (4.39% APR)

N/A

N/A

Florida

4.13% (4.24% APR)

91%

47.8%

Georgia

4.25% (4.37% APR)

80%

27.8%

Hawaii

4.38% (4.51% APR)

53%

9.3%

Idaho

4.25% (4.39% APR)

72%

22.7%

Illinois

4.25% (4.39% APR)

72%

20.9%

Indiana

4.25% (4.37% APR)

69%

10.7%

Iowa

4.38% (4.51% APR)

66%

8.9%

Kansas

4.13% (4.24% APR)

70%

10.7%

Kentucky

4.13% (4.24% APR)

67%

9.0%

Louisiana

4.25% (4.39% APR)

N/A

23.8%

Maine

4.25% (4.36% APR)

N/A

23.8%

Maryland

4.25% (4.39% APR)

69%

22.9%

Massachusetts

4.25% (4.45% APR)

61%

15.8%

Michigan

4.25% (4.36% APR)

85%

38.5%

Minnesota

4.13% (4.24% APR)

65%

16.6%

Mississippi

4.25% (4.39% APR)

N/A

23.8%

Missouri

4.25% (4.38% APR)

71%

15.5%

Montana

4.38% (4.51% APR)

57%

6.9%

Nebraska

4.13% (4.32% APR)

72%

8.8%

Nevada

4.25% (4.39% APR)

123%

69.9%

New Hampshire

4.25% (4.39% APR)

69%

19.1%

New Jersey

4.25% (4.34% APR)

62%

16.1%

New Mexico

4.25% (4.39% APR)

66%

12.3%

New York

4.25% (4.41% APR)

49%

6.3%

North Carolina

4.25% (4.45% APR)

70%

10.2%

North Dakota

4.25% (4.39% APR)

60%

7.6%

Ohio

4.25% (4.45% APR)

75%

19.8%

Oklahoma

4.25% (4.40% APR)

70%

6.0%

Oregon

4.25% (4.36% APR)

68%

15.9%

Pennsylvania

4.25% (4.34% APR)

62%

7.5%

Rhode Island

4.25% (4.39% APR)

55%

16.8%

South Carolina

4.25% (4.45% APR)

70%

13.5%

South Dakota

4.25% (4.39% APR)

N/A

23.8%

Tennessee

4.25% (4.45% APR)

71%

13.9%

Texas

4.25% (4.39% APR)

70%

11.9%

Utah

4.25% (4.49% APR)

73%

21.1%

Vermont

4.25% (4.39% APR)

N/A

23.8%

Virginia

4.25% (4.37% APR)

72%

24.3%

Washington

4.25% (4.45% APR)

67%

15.9%

West Virginia

4.25% (4.45% APR)

N/A

23.8%

Wisconsin

4.25% (4.39% APR)

68%

14.7%

Wyoming

4.25% (4. 45% APR)

N/A

23.8%

 
 

Additional mortgage rate information is available at http://www.lendingtree.com/mortgage-loans/rates/.

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.