LendingTree Weekly Mortgage Rate Pulse Reports Rates Fall to 4.67 Percent
CHARLOTTE, NC (June 15, 2011) – Average mortgage rates continued their decline this week according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average mortgage rates offered by lenders on the LendingTree network.
On June 14, average home loan rates offered by LendingTree network lenders were 4.67% (4.81% APR) for 30-year fixed mortgages, 3.88 % (4.12% APR) for 15-year fixed mortgages and 3.31% (3.36% APR) for 5/1 adjustable rate mortgages (ARM). Rates for all loan types fell week-over-week.
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.375 percent (4.51% APR) for a 30-year fixed mortgage, 3.375 percent (3.61% APR) for a 15-year fixed mortgage and 2.75 percent (3.12% APR) for a 5/1 ARM.
“Rates are continuing their free fall, spurring refinancing activity,” said Cameron Findlay, chief economist of LendingTree.com. “Home purchase activity, however, hasn’t seen the same spike – and homeownership is currently down to 1998 levels. Yet if we do a cost comparison from 1998 to today, we see the impact low mortgage rates have on home affordability. For example, in 1998, the average rate for a 30-year mortgage was 6.94%. Today, the average is just 4.71%. How does that translate? In 1998, for a $250,000 loan, a homebuyer’s monthly payment would have been $1654 versus just $1298 today. That’s a savings of $356 a month and a significant boost to what today’s buyers can afford.”
The following table shows a snapshot of the lowest mortgage rates for a 30-year fixed loan offered by lenders on the LendingTree network, as well as average loan-to-value ratios and negative equity by state.
STATE-BY-STATE MORTGAGE DATA 6/15/11 *Updated Quarterly | |||
STATE | LOWEST MORTGAGE RATE | LOAN-TO-VALUE RATIO* | NEGATIVE EQUITY* |
US Average | 4.38% (4.51% APR) – | 70.2% | 35.0% |
Alabama | 4.25% (4.39% APR) – | 67.0% | 28.9% |
Alaska | 4.75% (4.95% APR) – | 66.3% | 17.3% |
Arizona | 4.38% (4.51% APR) – | 94.6% | 39.4% |
Arkansas | 4.38% (4.49% APR) – | 72.6% | 43.9% |
California | 4.38% (4.51% APR) ↑ | 70.6% | 34.8% |
Colorado | 4.38% (4.55% APR) – | 71.9% | 22.2% |
Connecticut | 4.25% (4.36% APR) – | 59.5% | 43.3% |
Delaware | 4.25% (4.36% APR) – | 67.6% | 50.3% |
District of Columbia | 4.25% (4.48% APR) – | 58.3% | 25.5% |
Florida | 4.25% (4.36% APR) – | 90.8% | 41.1% |
Georgia | 4.38% (4.50% APR) – | 80.9% | 25.8% |
Hawaii | 4.38% (4.50% APR) – | 54.2% | 25.4% |
Idaho | 4.25% (4.39% APR) Ô | 73.4% | 29.8% |
Illinois | 4.38% (4.51% APR) – | 72.4% | 31.7% |
Indiana | 4.25% (4.44% APR) – | 69.4% | 28.5% |
Iowa | 4.63% (4.82% APR) – | 66.7% | 42.9% |
Kansas | 4.63% (4.82% APR) ↑ | 70.5% | 31.8% |
Kentucky | 4.25% (4.39% APR) – | 67.6% | 53.1% |
Louisiana | 4.63% (4.82% APR) – | 78.5% | 75.5% |
Maine | 4.38% (4.49% APR) – | 58.6% | 30.1% |
Maryland | 4.25% (4.48% APR) – | 70.4% | 25.6% |
Massachusetts | 4.38% (4.49% APR) – | 60.7% | 46.0% |
Michigan | 4.38% (4.50% APR) – | 84.3% | 32.2% |
Minnesota | 4.25% (4.36% APR) – | 65.6% | 22.2% |
Mississippi | 4.63% (4.82% APR) – | 78.4% | 30.1% |
Missouri | 4.25% (4.37% APR) Ô | 71.6% | 31.0% |
Montana | 4.75% (4.95% APR) – | 60.2% | 33.4% |
Nebraska | 4.63% (4.82% APR) – | 72.3% | 46.5% |
Nevada | 4.75% (4.95% APR) – | 118.0% | 55.3% |
New Hampshire | 4.38% (4.49% APR) – | 69.8% | 25.2% |
New Jersey | 4.25% (4.36% APR) – | 62.2% | 29.0% |
New Mexico | 4.25% (4.40% APR) Ô | 66.4% | 45.8% |
New York | 4.38% (4.38% APR) ↑ | 50.1% | 42.1% |
North Carolina | 4.38% (4.51% APR) – | 71.2% | 33.2% |
North Dakota | 4.63% (4.82% APR) – | 60.1% | 37.7% |
Ohio | 4.38% (4.50% APR) – | 75.4% | 27.0% |
Oklahoma | 4.25% (4.37% APR) Ô | 71.0% | 52.4% |
Oregon | 4.25% (4.41% APR) Ô | 69.6% | 19.6% |
Pennsylvania | 4.25% (4.36% APR) – | 62.5% | 75.7% |
Rhode Island | 4.63% (4.82% APR) – | 62.6% | 36.6% |
South Carolina | 4.38% (4.50% APR) – | 71.0% | 29.0% |
South Dakota | 4.25% (4.37% APR) – | N/A | N/A |
Tennessee | 4.38% (4.50% APR) – |
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