LendingTree.com Weekly Mortgage Rate Pulse Reports Rates Continue to Slide
CHARLOTTE, NC (October 13, 2010) – Average mortgage rates fell to new lows 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 12, average home loan rates offered by LendingTree network lenders fell week-over-week to 4.24 percent (4.45% APR) for 30-year fixed mortgages, 3.68 percent (3.99% APR) for 15-year fixed mortgages and 3.19 percent (3.52% 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 (3.88% APR) for a 30-year fixed mortgage, 3.25 percent (3.49% APR) for a 15-year fixed mortgage and 2.63 percent (3.08% APR) for a 5/1 adjustable rate mortgage (ARM).
“Mortgage rates dipped to a new record low last Friday on 30-year fixed rate conforming loans, continuing to provide huge incentives for borrowers to seriously evaluate refinancing to reduce their monthly mortgage payment,” said Cameron Findlay, Chief Economist of LendingTree.com. “If you took out a loan in January 2010, rates have since dropped from an average of 5.36% to 4.31%. Based on a $250,000 loan, that’s a monthly savings of $160.”
With mortgage rates plummeting, consumers are advised to shop around to ensure they’re receiving the best possible rate. LendingTree makes shopping for the best mortgage rate easy by providing consumers with multiple loan offers from competing lenders within minutes.
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 10/13/10 *Updated Quarterly | |||
STATE | LOWEST MORTGAGE RATE | LOAN-TO-VALUE RATIO* | % WITH NEGATIVE EQUITY* |
Alabama | 3.88% (4.01% APR) – | 67% | 9.8% |
Alaska | 3.88% (4.01% APR) – | 67% | 10.6% |
Arizona | 3.88% (4.01 % APR) | 94% | 50% |
Arkansas | 3.75% (3.88% 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% (3.90% APR) | 68% | 13.5% |
District of Columbia | 3.75% (3.98% APR) | 59% | 15.5% |
Florida | 3.75% (3.88% APR) | 90% | 46.4% |
Georgia | 3.88% (4.01% APR) | 80% | 28.1% |
Hawaii | 3.88% (4.01% APR) | 55% | 10.7% |
Idaho | 3.88% (4.01% APR) | 73% | 23.7% |
Illinois | 3.88% (4.01% APR) | ||