LendingTree Weekly Mortgage Rate Pulse Reveals Average Rates Decline Week-Over-Week

Freddie Mac’s New Post-Settlement Delivery Fee to Impact Borrower Rates

CHARLOTTE, NC (November 24, 2010)  - Average mortgage rates dropped this week, according to the LendingTree Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders.

On November 23, average home loan rates offered by LendingTree network lenders fell week-over-week to 4.55 percent (4.79% APR) for 30-year fixed mortgages, 3.95 percent (4.32% APR) for 15-year fixed mortgages and 3.47 percent (3.73% APR) for 5/1 adjustable rate mortgages (ARM).

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.25 percent (4.39% APR) for a 30-year fixed mortgage, 3.375 percent (3.61% APR) for a 15-year fixed mortgage and 2.63 percent (3.13% APR) for a 5/1 ARM.

“Freddie Mac (FHLMC) has introduced a new post-settlement delivery fee schedule that will take effect March 1, 2011,” said Cameron Findlay, LendingTree chief economist.  “Although FHLMC does not set rates to borrowers, any increase by FHLMC typically works its way back to borrowers as they’re passed on from lenders. The change is not significant but it's an increase even for good credit borrowers.

Someone with a FICO score greater than 740 that expects to borrow more than 75% of the value of the property will pay 0.25% of the originated loan balance or roughly a 0.05% increase in rate. If your FICO drops to 659 you may pay as much as 3.00% in fees.”

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 11/24/10

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

% WITH NEGATIVE EQUITY*

Alabama

4.25 % (4.38% APR)   

67%

9.8%

Alaska

4.25% (4.44% APR)

67%

10.6%

Arizona

4.25% (4.39% APR)

94%

50%

Arkansas

4.25% (4.44% APR)

74%

12%

California

4.13% (4.32% APR)

70%

32.8%

Colorado

4.25% (4.39% APR)

72%

19.7%

Connecticut

4.25% (4.39% APR)

58%

12%

Delaware

4.00% (4.10% APR)

68%

13.5%

District of Columbia

4.25% (4.44% APR)

59%

15.5%

Florida

4.00% (4.10% APR)

90%

46.4%

Georgia

4.13% (4.26% APR)

80%

28.1%

Hawaii

4.25% (4.44% APR)

55%

10.7%

Idaho

4.25% (4.39% APR)

73%

23.7%

Illinois

4.25% (4.37% APR)

71%

19.7%

Indiana

4.13% (4.32% APR)

70%

11%

Iowa

4.25% (4.44% APR)

67%

8.8%

Kansas

4.13% (4.32% APR)

70%

10.8%

Kentucky

4.25% (4.38% APR)

67%

8.5%

Louisiana

4.25% (4.44% APR)

N/A

23%

Maine

4.25% (4.44% APR)

N/A

23%

Maryland

4.25% (4.37% APR)

69%

22.2%

Massachusetts

4.25% (4.37% APR)

60%

15%

Michigan

4.13% (4.32% APR)

86%

38%

Minnesota

4.13% (4.23% APR)

65%

16.3%

Mississippi

4.25% (4.44% APR)

N/A

23%

Missouri

4.13% (4.32% APR)

71%

15.5%

Montana

4.25% (4.44% APR)

60%

7.7%

Nebraska

4.25% (4.44% APR)

73%

9.3%

Nevada

4.25% (4.44% APR)

120%

68.1%

New Hampshire

4.25% (4.44% APR)

69%

18.4%

New Jersey

4.13% (4.21% APR)

61%

15.4%

New Mexico

4.13% (4.32% APR)

66%

12.2%

New York

4.13% (4.32% APR)

50%

7.1%

North Carolina

4.25% (4.39% APR)

70%

10.4%

North Dakota

4.25% (4.44% APR)

60%

7.4%

Ohio

4.25% (4.44% APR)

74%

19.7%

Oklahoma

4.25% (4.44% APR)

70%

5.8%

Oregon

4.25% (4.41% APR)

69%

15.7%

Pennsylvania

4.13% (4.21% APR)

62%

7.3%

Rhode Island

4.25% (4.44% APR)

62%

20.3%

South Carolina

4.25% (4.39% APR)

71%

14.3%

South Dakota

4.13% (4.24% APR)

N/A

23%

Tennessee

4.25% (4.38% APR)

71%

13.8%

Texas

4.13% (4.32% APR)

70%

11.3%

Utah

4.25% (4.49% APR)

73%

20.4%

Vermont

4.25% (4.44% APR)

N/A

23%

Virginia

4.13% (4.26% APR)

71%

22.7%

Washington

4.25% (4.39% APR)

66%

15.2%

West Virginia

4.25% (4.44% APR)

N/A

23%

Wisconsin

4.25% (4.44% APR)

67%

13.7%

Wyoming

4.25% (4.39% 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 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, dial 800-555-TREE , join our Facebook page and/or follow us on Twitter @LendingTree.