LendingTree.com Weekly Mortgage Rate Pulse Reveals Rates Drop to Lowest Levels on Record

Borrowers Can Expect Lower Rates and More Government Intervention

CHARLOTTE, NC (October 6, 2010)  - Average mortgage rates dropped to their lowest levels on record 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 October 5, average home loan rates offered by LendingTree network lenders dropped week-over-week to 4.35 percent (4.56% APR) for 30-year fixed mortgages, 3.81 percent (4.13% APR) for 15-year fixed mortgages and 3.32 percent (3.55% APR) for 5/1 ARMs.

On the same day, mortgage rates offered by lenders on the LendingTree network were as low as 3.75 percent (3.94% APR) for a 30-year fixed mortgage, 3.25 percent (3.49% APR) for a 15-year fixed mortgage and 2.75 percent (3.37% APR) for a 5/1 adjustable rate mortgage (ARM).

"Mortgage rates remain under pressure given continued weakening of economic conditions placing the Federal Reserve on alert to potentially enter into a second round of quantitative easing,” said Cameron Findlay, Chief Economist of LendingTree.com. “Any government interaction at this juncture will force rates lower."

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 10/6/10

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

% WITH NEGATIVE EQUITY*

Alabama

3.88% (4.00% APR)  

67%

9.8%

Alaska

3.88% (4.01% APR)

67%

10.6%

Arizona

3.88% (3.98% APR)

94%

50%

Arkansas

3.88% (4.01% APR)

74%

12%

California

3.88% (4.01% APR)

70%

32.8%

Colorado

3.88% (4.01% APR)

72%

19.7%

Connecticut

3.88% (4.01% APR)

58%

12%

Delaware

3.75% (3.84% APR)

68%

13.5%

District of Columbia

3.88% (4.01% APR)

59%

15.5%

Florida

3.75% (3.84% APR)

90%

46.4%

Georgia

3.88% (4.01% APR)

80%

28.1%

Hawaii

3.88% (4.00% APR)

55%

10.7%

Idaho

3.88% (4.01% APR)

73%

23.7%

Illinois

3.88% (4.00% APR)

71%

19.7%

Indiana

3.88% (4.01% APR)

70%

11%

Iowa

3.88% (4.01% APR)

67%

8.8%

Kansas

3.75% (3.94% APR)

70%

10.8%

Kentucky

3.88% (4.05% APR)

67%

8.5%

Louisiana

3.75% (3.94% APR)

N/A

23%

Maine

3.75% (3.94% APR)

N/A

23%

Maryland

3.75% (3.98% APR)

69%

22.2%

Massachusetts

3.88% (4.01% APR)

60%

15%

Michigan

3.88% (4.00% APR)

86%

38%

Minnesota

3.88% (4.00% APR)

65%

16.3%

Mississippi

3.75% (3.94% APR)

N/A

23%

Missouri

3.88% (4.01% APR)

71%

15.5%

Montana

3.88% (4.01% APR)

60%

7.7%

Nebraska

3.88% (4.01% APR)

73%

9.3%

Nevada

3.88% (4.01% APR)

120%

68.1%

New Hampshire

3.88% (4.01% APR)

69%

18.4%

New Jersey

3.75% (3.85% APR)

61%

15.4%

New Mexico

3.88% (4.01% APR)

66%

12.2%

New York

3.88% (4.03% APR)

50%

7.1%

North Carolina

3.75% (3.94% APR)

70%

10.4%

North Dakota

3.88% (4.01% APR)

60%

7.4%

Ohio

3.88% (4.00% APR)

74%

19.7%

Oklahoma

3.88% (4.02% APR)

70%

5.8%

Oregon

3.88% (4.01% APR)

69%

15.7%

Pennsylvania

3.75% (3.85% APR)

62%

7.3%

Rhode Island

3.75% (3.94% APR)

62%

20.3%

South Carolina

3.88% (4.01% APR)

71%

14.3%

South Dakota

3.88% (4.01% APR)

N/A

23%

Tennessee

3.88% (4.01% APR)

71%

13.8%

Texas

3.88% (4.00% APR)

70%

11.3%

Utah

3.88% (4.01% APR)

73%

20.4%

Vermont

3.75% (3.94% APR)

N/A

23%

Virginia

3.75% (3.98% APR)

71%

22.7%

Washington

3.88% (4.01% APR)

66%

15.2%

West Virginia

3.88% (4.01% APR)

N/A

23%

Wisconsin

3.88% (4.01% APR)

67%

13.7%

Wyoming

3.88% (4.01 % 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 or 800-555-TREE.