LendingTree Weekly Mortgage Rate Pulse Reveals Rates on the Rise

Market Volatility Widens Spreads and Increases Competition Among Banks

CHARLOTTE, NC (December 15, 2010)  - Average mortgage rates rose week-over-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 December 14, average home loan rates offered by LendingTree network lenders rose week-over-week to 5.05 percent (5.3% APR) for 30-year fixed mortgages, up 0.22 percent from last week. Rates also climbed to 4.38 percent (4.77% APR) for 15-year fixed mortgages and 3.93 percent (4.09% APR) for 5/1 adjustable rate mortgages (ARM).

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.50 percent (4.70% APR) for a 30-year fixed mortgage, 3.88 percent (4.12% APR) for a 15-year fixed mortgage and 3.00 percent (3.26% APR) for a 5/1 ARM. Rates elevated week-over-week for each loan type.

"When there’s volatility in the market like this, spreads between lenders widen and competition among banks heats up, making it imperative for consumers to do their homework before locking in a rate,” said Nicole Hall, LendingTree home loan shopping expert. “According to a recent LendingTree survey, we found though 9 in 10 borrowers understand interest rates vary between lenders, nearly 40 percent obtained only one home loan quote when shopping for their mortgage. This is disheartening, but explains why fewer than 28 percent of borrowers are very confident they received the best possible deal on their current mortgage."

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 12/15/10

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

% WITH NEGATIVE EQUITY*

Alabama

4.63% (4.82% APR) ↑

67%

9.8%

Alaska

4.63% (4.82% APR) ↑

67%

10.6%

Arizona

4.63% (4.82% APR) ↑

94%

50%

Arkansas

4.63% (4.82% APR) ↑

74%

12%

California

4.50% (4.61% APR) ↑

70%

32.8%

Colorado

4.63% (4.82% APR) ↑

72%

19.7%

Connecticut

4.50% (4.61% APR) ↑

58%

12%

Delaware

4.63% (4.82% APR) ↑

68%

13.5%

District of Columbia

4.63% (4.86% APR) ↑

59%

15.5%

Florida

4.50% (4.61% APR) ↑

90%

46.4%

Georgia

4.50% (4.70% APR) ↑

80%

28.1%

Hawaii

4.75% (4.88% APR) ↑

55%

10.7%

Idaho

4.63% (4.82% APR) ↑

73%

23.7%

Illinois

4.63% (4.75% APR) ↑

71%

19.7%

Indiana

4.63% (4.81% APR) ↑

70%

11%

Iowa

4.63% (4.82% APR) ↑

67%

8.8%

Kansas

4.50% (4.70% APR) ↑

70%

10.8%

Kentucky

4.50% (4.70% APR) ↑

67%

8.5%

Louisiana

4.50% (4.70% APR) ↑

N/A

23%

Maine

4.50% (4.70% APR) ↑

N/A

23%

Maryland

4.63% (4.75% APR) ↑

69%

22.2%

Massachusetts

4.63% (4.82% APR) ↑

60%

15%

Michigan

4.63% (4.75% APR) ↑

86%

38%

Minnesota

4.50% (4.61% APR) ↑

65%

16.3%

Mississippi

4.50% (4.70% APR) ↑

N/A

23%

Missouri

4.50% (4.70% APR) ↑

71%

15.5%

Montana

4.63% (4.82% APR) ↑

60%

7.7%

Nebraska

4.63% (4.82% APR) ↑

73%

9.3%

Nevada

4.63% (4.82% APR) ↑

120%

68.1%

New Hampshire

4.63% (4.82% APR) ↑

69%

18.4%

New Jersey

4.50% (4.61% APR) ↑

61%

15.4%

New Mexico

4.63% (4.82% APR) ↑

66%

12.2%

New York

4.50% (4.61% APR) ↑

50%

7.1%

North Carolina

4.50% (4.70% APR) ↑

70%

10.4%

North Dakota

4.63% (4.82% APR) ↑

60%

7.4%

Ohio

4.63% (4.75% APR) ↑

74%

19.7%

Oklahoma

4.75% (4.95% APR) ↑

70%

5.8%

Oregon

4.63% (4.82% APR) ↑

69%

15.7%

Pennsylvania

4.50% (4.61% APR) ↑

62%

7.3%

Rhode Island

4.63% (4.82% APR) ↑

62%

20.3%

South Carolina

4.63% (4.77% APR) ↑

71%

14.3%

South Dakota

4.63% (4.82% APR) ↑

N/A

23%

Tennessee

4.50% (4.70% APR) ↑

71%

13.8%

Texas

4.63% (4.75% APR) ↑

70%

11.3%

Utah

4.63% (4.82% APR) ↑

73%

20.4%

Vermont

4.50% (4.70% APR) ↑

N/A

23%

Virginia

4.50% (4.74% APR) ↑

71%

22.7%

Washington

4.63% (4.82% APR) ↑

66%

15.2%

West Virginia

4.63% (4.82% APR) ↑

N/A

23%

Wisconsin

4.63% (4.82% APR) ↑

67%

13.7%

Wyoming

4.63% (4.82% 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 28 million loan requests and $214 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