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