LendingTree.com Weekly Mortgage Rate Pulse Reveals Rising Rates

Further Home Price Erosion Expected

CHARLOTTE, NC (October27, 2010)  - Average mortgage rates ticked up 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 26, average home loan rates offered by LendingTree network lenders rose week-over-week to 4.34% percent (4.55% APR) for 30-year fixed mortgages, 3.80 percent (4.11% APR) for 15-year fixed mortgages and 3.34 percent (3.57% APR) for 5/1 ARMs.

On the same day, mortgage rates offered by lenders on the LendingTree network were as low as 3.88 percent (4.01% APR) for a 30-year fixed mortgage, 3.25 percent (3.49% APR) for a 15-year fixed mortgage and 2.75 percent (3.12% APR) for a 5/1 adjustable rate mortgage (ARM).

“Yesterday’s S&P/Case-Shiller U.S. National Home Price Index numbers showed a decline of 0.2% from July to August,” said Cameron Findlay, LendingTree’s chief economist. “After seeing home prices decline 19% from the peak in June 2006, the New York market has started to rebound back to their February 2009 levels. This decline and subsequent slow recovery look very much like the results for all 20 regions combined indicating that the New York market is acting as a proxy for any changes we might see in the broader market. Yet, despite this news, we expect further price erosion between 4-6% in the next 12 months.”

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 10/27/10

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

% WITH NEGATIVE EQUITY*

Alabama

3.88% (4.01% APR)

67%

9.8%

Alaska

4.00% (4.19% APR)

67%

10.6%

Arizona

3.88% (4.06 % APR)

94%

50%

Arkansas

3.88% (3.99% APR)

74%

12%

California

3.88% (3.98% APR)

70%

32.8%

Colorado

3.88% (4.06% APR)

72%

19.7%

Connecticut

3.88% (4.01% APR)

58%

12%

Delaware

3.75% (3.85% APR)

68%

13.5%

District of Columbia

3.88% (4.10% APR)

59%

15.5%

Florida

3.75% (3.85% APR)

90%

46.4%

Georgia

3.88% (4.02% APR)

80%

28.1%

Hawaii

4.00% (4.19% APR)

55%

10.7%

Idaho

4.00% (4.13% APR)

73%

23.7%

Illinois

3.88% (4.06% APR)

71%

19.7%

Indiana

3.88% (4.01% APR)

70%

11%

Iowa

4.00% (4.19% APR)

67%

8.8%

Kansas

3.88% (4.06% APR)

70%

10.8%

Kentucky

3.88% (4.01% APR)

67%

8.5%

Louisiana

3.88% (4.06% APR)

N/A

23%

Maine

3.88% (4.06% APR)

N/A

23%

Maryland

3.75% (3.84% APR)

69%

22.2%

Massachusetts

3.88% (4.06% APR)

60%

15%

Michigan

3.88% (4.01% APR)

86%

38%

Minnesota

3.88% (4.00% APR)

65%

16.3%

Mississippi

3.88% (4.06% APR)

N/A

23%

Missouri

3.88% (4.01% APR)

71%

15.5%

Montana

4.00% (4.19% APR)

60%

7.7%

Nebraska

4.00% (4.19% APR)

73%

9.3%

Nevada

4.00% (4.19% APR)

120%

68.1%

New Hampshire

4.00% (4.19% APR)

69%

18.4%

New Jersey

3.75% (3.84% APR)

61%

15.4%

New Mexico

3.88% (4.06% APR)

66%

12.2%

New York

3.88% (3.98% APR)

50%

7.1%

North Carolina

3.88% (4.01% APR)

70%

10.4%

North Dakota

3.88% (4.06% APR)

60%

7.4%

Ohio

3.88% (4.06% APR)

74%

19.7%

Oklahoma

3.88% (3.99% APR)

70%

5.8%

Oregon

4.00% (4.16% APR)

69%

15.7%

Pennsylvania

3.75% (3.84% APR)

62%

7.3%

Rhode Island

3.88% (4.06% APR)

62%

20.3%

South Carolina

3.88% (4.01% APR)

71%

14.3%

South Dakota

3.88% (3.99% APR)

N/A

23%

Tennessee

3.88% (4.06% APR)

71%

13.8%

Texas

3.88% (4.00% APR)

70%

11.3%

Utah

4.00% (4.24% APR)

73%

20.4%

Vermont

3.88% (4.06% APR)  

N/A

23%

Virginia

3.75% (3.85% APR)

71%

22.7%

Washington

3.88% (4.06% APR)

66%

15.2%

West Virginia

4.00% (4.19% APR)

N/A

23%

Wisconsin

4.00% (4.19% APR)

67%

13.7%

Wyoming

3.88% (3.99% 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.