Mortgage Rates Continue Month-Long Decline

Falling rates spell opportunity for homeowners

CHARLOTTE, NC (May 18, 2011)  - Average mortgage fell week-over-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 May 17, average home loan rates offered by LendingTree network lenders were 4.79% (5.03% APR) for 30-year fixed mortgages, 4.00% (4.39% APR) for 15-year fixed mortgages and 3.42% (3.62% APR) for 5/1 adjustable rate mortgages (ARM). Rates for 30-year fixed loans and 5/1 ARMs fell week over week, while 15-year fixed rates were flat.

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, 3.5 percent (3.74% APR) for a 15-year fixed mortgage and 2.875 percent (3.17% APR) for a 5/1 ARM. Rates for all loan types declined one eighth of a percent.

“With rates continuing their month-long decline, we’re seeing a significant savings opportunity for borrowers who’ve been waiting to refinance,” said Mona Marimow, LendingTree Senior Vice President. “Our latest data shows that LendingTree customers save an average of $301 per month on their refinance loan, and, with rates falling and refinance applications increasing, there could be even more opportunity for savings. The spread between rates offered by lenders is widening, meaning there’s more room for competition – and price negotiation – in the market “

LendingTree.com offers free tools and services to help consumers make sense of the refinancing process. Homeowners can fill out one simple form at LendingTree.com and receive customized loan offers from multiple lenders. What’s more, the unique Look Before You Lock tool allows borrowers to determine whether the rate they’ve been offered is comparable to offers received by consumers with similar loan profiles. In just a few quick steps, Look Before You Lock lets borrowers know whether the rate they’ve been offered is a good deal, or if they should continue looking.

The following housing market data 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 5/18/11

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

% WITH NEGATIVE EQUITY*

US Average

4.38% (4.51% APR) -

70.2%

35.0%

Alabama

4.25% (4.39% APR) Ô

67.0%

28.9%

Alaska

4.75% (4.95% APR) -

66.3%

17.3%

Arizona

4.38% (4.51% APR) Ó

94.6%

39.4%

Arkansas

4.38% (4.49% APR) -

72.6%

43.9%

California

4.38% (4.50% APR) Ô

70.6%

34.8%

Colorado

4.38% (4.51% APR) Ô

71.9%

22.2%

Connecticut

4.25% (4.36% APR) Ô

59.5%

43.3%

Delaware

4.25% (4.36% APR) -

67.6%

50.3%

District of Columbia

4.38% (4.61% APR) -

58.3%

25.5%

Florida

4.25% (4.36% APR) -

90.8%

41.1%

Georgia

4.38% (4.51% APR) -

80.9%

25.8%

Hawaii

4.50% (4.63% APR) -

54.2%

25.4%

Idaho

4.38% (4.51% APR) -

73.4%

29.8%

Illinois

4.38% (4.51% APR) -

72.4%

31.7%

Indiana

4.38% (4.56% 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) Ô

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% (4.52% APR) Ó

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

4.38% (4.50% 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) Ó

62.2%

29.0%

New Mexico

4.38% (4.51% APR) Ô

66.4%

45.8%

New York

4.38% (4.48% 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

4.38% (4.49% APR) Ô

71.0%

52.4%

Oregon

4.38% (4.54% APR) -

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

4.38% (4.49% APR) -

N/A

N/A

Tennessee

4.38% (4.50% APR) Ô

71.2%

30.7%

Texas

4.38% (4.50% APR) -

68.8%

30.6%

Utah

4.38% (4.62% APR) -

73.7%

22.2%

Vermont

4.63% (4.82% APR) -

N/A

N/A

Virginia

4.25% (4.36% APR) -

71.7%

25.0%

Washington

4.38% (4.50% APR) -

67.9%

21.4%

West Virginia

4.75% (4.95% APR) -

67.0%

68.0%

Wisconsin

4.75% (4.95% APR) -

68.3%

35.6%

Wyoming

4.38% (4.51% APR) -

64.2%

23.0%

To compare mortgage rates please visit http://www.lendingtree.com/mortgage-loans/rates/. 

The LendingTree Weekly Mortgage Rate Pulse is 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.