LendingTree.com Weekly Mortgage Rate Pulse Reveals Rates Dip After Fed Announcement

Current Coupon Spreads Widen Providing Lenders with Flexibility in Pricing

CHARLOTTE, NC (November 10, 2010)  - Average mortgage rates dipped following last week’s Federal Reserve decision, 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 9, average home loan rates offered by LendingTree network lenders decreased week-over-week to 4.34 percent (4.56% APR) for 30-year fixed mortgages, 3.72 percent (4.05% APR) for 15-year fixed mortgages and 3.24 percent (3.53% APR) for 5/1 ARMs.

Average rates for 30-year fixed rate VA loans, home loans offered to veterans and active U.S. military members, were 4.28% (4.52% APR). LendingTree makes finding a VA loan simple by matching veterans with VA-approved mortgage lenders. 

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 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 2.625 percent (3.13% APR) for a 5/1 adjustable rate mortgage (ARM). Rates for 30-year fixed home loans and 5/1 ARMS fell week-over-week while the 15-year mortgage rate remained flat.

“As expected, the Federal Reserve’s decision to pursue quantitative easing has driven mortgage rates down this week,” said Cameron Findlay, LendingTree chief economist. “However, the current coupon spread has widened since April from 113 basis points to more than 170 basis points, a 50 percent increase. With spreads this wide, lenders have more flexibility in pricing mortgage rates so borrowers should make sure to shop around to ensure they’re receiving a competitive rate before locking it in.”

The LendingTree Look Before You Lock mortgage tool allows borrowers to determine whether the rate they’ve been offered is a good deal compared to  loan offers received by similar consumers. In just a few quick steps, Look Before You Lock lets borrowers know whether they should jump on their mortgage rate, or continue looking.

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 11/10/10

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

% WITH NEGATIVE EQUITY*

Alabama

4.00% (4.13% APR)

67%

9.8%

Alaska

4.00% (4.19% APR)

67%

10.6%

Arizona

4.00% (4.19% APR)

94%

50%

Arkansas

4.00% (4.19% APR)

74%

12%

California

3.88% (3.98% APR)

70%

32.8%

Colorado

4.00% (4.13% APR)

72%

19.7%

Connecticut

3.88% (3.98% APR)

58%

12%

Delaware

3.88% (398% APR)

68%

13.5%

District of Columbia

4.00% (4.19% APR)

59%

15.5%

Florida

3.88% (4.01% APR)

90%

46.4%

Georgia

3.88% (4.02% APR)

80%

28.1%

Hawaii

4.13% (4.25% APR)

55%

10.7%

Idaho

4.00% (4.13% APR)

73%

23.7%

Illinois

4.00% (4.12% APR)

71%

19.7%

Indiana

4.00% (4.18% APR)

70%

11%

Iowa

4.00% (4.19% APR)

67%

8.8%

Kansas

3.88% (4.06% APR)

70%

10.8%

Kentucky

3.88% (4.06% APR)

67%

8.5%

Louisiana

3.88% (4.06% APR)

N/A

23%

Maine

3.88% (4.06% APR)

N/A

23%

Maryland

3.88% (4.10% APR)

69%

22.2%

Massachusetts

4.00% (4.12% APR)

60%

15%

Michigan

4.00% (4.12% APR)

86%

38%

Minnesota

3.88% (3.98% APR)

65%

16.3%

Mississippi

3.88% (4.06% APR)

N/A

23%

Missouri

3.88% (4.06% APR)

71%

15.5%

Montana

4.13% (4.32% APR)

60%

7.7%

Nebraska

4.00% (4.19% APR)

73%

9.3%

Nevada

4.13% (4.32% APR)

120%

68.1%

New Hampshire

4.00% (4.19% APR)

69%

18.4%

New Jersey

3.88% (3.98% APR)

61%

15.4%

New Mexico

4.00% (4.13% APR)

66%

12.2%

New York

4.00% (4.19% APR)

50%

7.1%

North Carolina

3.88% (4.06% APR)

70%

10.4%

North Dakota

4.00% (4.19% APR)

60%

7.4%

Ohio

4.00% (4.12% APR)

74%

19.7%

Oklahoma

4.00% (4.19% APR)

70%

5.8%

Oregon

4.00% (4.16% APR)

69%

15.7%

Pennsylvania

3.88% (3.98% APR)

62%

7.3%

Rhode Island

3.88% (4.06% APR)

62%

20.3%

South Carolina

3.88% (4.06% APR)

71%

14.3%

South Dakota

4.00% (4.19% APR)

N/A

23%

Tennessee

3.88% (4.06% APR)

71%

13.8%

Texas

4.00% (4.12% APR)

70%

11.3%

Utah

4.00% (4.24% APR)

73%

20.4%

Vermont

3.88% (4.06% APR)

N/A

23%

Virginia

3.88% (4.10% APR)

71%

22.7%

Washington

4.00% (4.12% APR)

66%

15.2%

West Virginia

4.00% (4.19% APR)

N/A

23%

Wisconsin

4.00% (4.19% APR)

67%

13.7%

Wyoming

4.00% (4.11% 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.