LendingTree.com Weekly Mortgage Rate Pulse Reports Rising Rates

Inflation Fears Push Rates Higher, Yet Remain Below 2010 Average

CHARLOTTE, NC (November 17, 2010)  - Average mortgage rates rose 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 November 16, average home loan rates offered by LendingTree network lenders climbed week-over-week to 4.64 percent (4.88% APR) for 30-year fixed mortgages, 4.03 percent (4.38% APR) for 15-year fixed mortgages and 3.52 percent (3.80% APR) for 5/1 adjustable rate mortgages (ARM).

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.125 percent (4.32% APR) for a 30-year fixed mortgage, 3.50 percent (3.74% APR) for a 15-year fixed mortgage and 2.875 percent (3.17% APR) for a 5/1 ARM.

“The recent increase in mortgage rates is being driven by fear over inflation,” said Cameron Findlay, LendingTree chief economist.  There is a significant debate currently taking place that challenges the Fed's decision to adopt additional quantitative easing, that's placing pressure on the Fed to boost growth and avoid deflation, while at the same time not over-stimulating the economy. It's a delicate balance. Despite the recent increase, rates remain 0.30% below the 2010 average and are lower than we will likely see again in our generation.”

In a rising rate environment, it’s important for consumers to shop around to ensure they’re receiving the best possible deal on their home loan. LendingTree simplifies the loan shopping process by allowing consumers to compare multiple offers from up to four lenders. With its Mortgage RateFinder iPhone and Blackberry apps, users are able to obtain up to 30 different customized on-the-spot loan offers anonymously. Once a great offer is found, users can simply click to be contacted by that lender and move forward with the loan request.

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 11/17/10

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

% WITH NEGATIVE EQUITY*

Alabama

4.25 % (4.39% APR) 

67%

9.8%

Alaska

4.25% (4.44% APR)

67%

10.6%

Arizona

4.25% (4.44% APR)

94%

50%

Arkansas

4.25% (4.44% APR)

74%

12%

California

4.25% (4.36% APR)

70%

32.8%

Colorado

4.25% (4.44% APR)

72%

19.7%

Connecticut

4.25% (4.36% APR) 

58%

12%

Delaware

4.13% (4.23% APR)

68%

13.5%

District of Columbia

4.25% (4.48% APR)

59%

15.5%

Florida

4.13% (4.23% APR)

90%

46.4%

Georgia

4.25% (4.39% APR)

80%

28.1%

Hawaii

4.38% (4.50% APR)

55%

10.7%

Idaho

4.25% (4.44% APR)

73%

23.7%

Illinois

4.25% (4.39% APR)

71%

19.7%

Indiana

4.25% (4.38% APR)

70%

11%

Iowa

4.25% (4.44% APR)

67%

8.8%

Kansas

4.13% (4.32% APR)

70%

10.8%

Kentucky

4.13% (4.26% APR)

67%

8.5%

Louisiana

4.25% (4.44% APR)

N/A

23%

Maine

4.25% (4.44% APR)

N/A

23%

Maryland

4.25% (4.39% APR)

69%

22.2%

Massachusetts

4.25% (4.37% APR)

60%

15%

Michigan

4.25% (4.44% APR)

86%

38%

Minnesota

4.25% (4.36% APR)

65%

16.3%

Mississippi

4.25% (4.44% APR)

N/A

23%

Missouri

4.25% (4.38% APR)

71%

15.5%

Montana

4.38% (4.57% APR)

60%

7.7%

Nebraska

4.25% (4.44% APR)

73%

9.3%

Nevada

4.38% (4.57% APR)

120%

68.1%

New Hampshire

4.25% (4.44% APR)

69%

18.4%

New Jersey

4.25% (4.34% APR)

61%

15.4%

New Mexico

4.25% (4.38% APR)

66%

12.2%

New York

4.25% (4.36% APR)

50%

7.1%

North Carolina

4.13% (4.32% APR)

70%

10.4%

North Dakota

4.25% (4.44% APR)

60%

7.4%

Ohio

4.25% (4.44% APR)

74%

19.7%

Oklahoma

4.25% (4.44% APR)

70%

5.8%

Oregon

4.25% (4.41% APR)

69%

15.7%

Pennsylvania

4.13% (4.23% APR)

62%

7.3%

Rhode Island

4.25% (4.44% APR)

62%

20.3%

South Carolina

4.25% (4.39% APR)

71%

14.3%

South Dakota

4.25% (4.37% APR)

N/A

23%

Tennessee

4.25% (4.38% APR)

71%

13.8%

Texas

4.25% (4.38% APR)

70%

11.3%

Utah

4.25% (4.44% APR) 

73%

20.4%

Vermont

4.25% (4.44% APR)

N/A

23%

Virginia

4.25% (4.39% APR)

71%

22.7%

Washington

4.25% (4.44% APR)

66%

15.2%

West Virginia

4.25% (4.44% APR)

N/A

23%

Wisconsin

4.25% (4.44% APR)

67%

13.7%

Wyoming

4.25% (4.39% 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, dial 800-555-TREE , join our Facebook page and/or follow us on Twitter @LendingTree