Business & Finance
Business and Finance
Business and Finance
Tue, February 1, 2011Mon, January 31, 2011Sun, January 30, 2011Sat, January 29, 2011Fri, January 28, 2011Thu, January 27, 2011Wed, January 26, 2011Tue, January 25, 2011Mon, January 24, 2011Fri, January 21, 2011Thu, January 20, 2011Wed, January 19, 2011LendingTree Weekly Mortgage Rate Pulse Reveals Small Rise in Rates
Published in Business and Finance on Wednesday, January 26th 2011 at 10:55 GMT by Market Wire
LendingTree Weekly Mortgage Rate Pulse Reveals Small Rise in Rates -- CHARLOTTE, N.C., Jan. 26, 2011 /PRNewswire/ --
LendingTree Weekly Mortgage Rate Pulse Reveals Small Rise in Rates
Definition of a Qualified Residential Mortgage Could Equate to Higher Costs for Borrowers
CHARLOTTE, N.C., Jan. 26, 2011 /PRNewswire/ -- Average mortgage rates rose slightly week-over-week according to the LendingTree [ Weekly Mortgage Rate Pulse ], a snapshot of the lowest and average home loan rates available within the LendingTree network of lenders.
On January 25, average [ home loan rates ] offered by LendingTree network lenders were 5.05 percent (5.33% APR) for 30-year fixed mortgages, 4.29 percent (4.75% APR) for 15-year fixed mortgages and 3.72 percent (3.99% APR) for 5/1 adjustable rate mortgages (ARM).
On the same day, the lowest [ mortgage rates ] offered by lenders on the LendingTree network rose week- over-week to 4.75 percent (4.89% APR) for a 30-year fixed mortgage, 3.88 percent (4.12% APR) for a 15-year fixed mortgage and 3.13 percent (3.25% APR) for a 5/1 ARM.
"By late April, federal banking agencies will define what is considered a Qualified Residential Mortgage," said Cameron Findlay, LendingTree chief economist. "A defined mortgage will be set by parameters like the borrower's loan-to-value ratio, debt-to-income ratio and FICO score. Basically what this means to borrowers is that any loan that falls outside the new QRM parameters will incur a large premium. This has the potential to equate to higher costs for thousands of borrowers. For consumers thinking about purchasing or refinancing, time is of the essence."
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 1/25/10 *Updated Quarterly | ||||
STATE | LOWEST MORTGAGE RATE | LOAN-TO-VALUE RATIO* | % WITH NEGATIVE EQUITY* | |
Alabama | 4.63% (4.77% APR) | 67.1% | 10.5% | |
Alaska | 4.75% (4.95% APR) | 67% | 8.9% | |
Arizona | 4.63% (4.74% APR) | 92.4% | 48.6% | |
Arkansas | 4.75% (4.87% APR) | 73.6% | 11.6% | |
California | 4.75% (4.88% APR) | 70.1% | 31.6% | |
Colorado | 4.75% (4.89% APR) | 72.1% | 19.6% | |
Connecticut | 4.75% (4.88% APR) | 58.2% | 11.9% | |
Delaware | 4.50% (4.61% APR) | 67.9% | 13.3% | |
District of Columbia | 4.63% (4.86% APR) | 58.6% | 15.2% | |
Florida | 4.50% (4.61% APR) | 88.7% | 45.5% | |
Georgia | 4.63% (4.77% APR) | 79.8% | 28% | |
Hawaii | 4.75% (4.84% APR) | 55.5% | 10.7% | |
Idaho | 4.75% (4.89% APR) | 74.1% | 25.3% | |
Illinois | 4.75% (4.89% APR) | 70.6% | 19.4% | |
Indiana | 4.75% (4.88% APR) | 70% | 11.3% | |
Iowa | 4.75% (4.95% APR) | 66.9% | 8.7% | |
Kansas | 4.75% (4.95% APR) | 70.6% | 11.1% | |
Kentucky | 4.63% (4.77% APR) | 68% | 8.9% | |
Louisiana | 4.75% (4.95% APR) | N/A | 22.5% | |
Maine | 4.75% (4.95% APR) | N/A | 22.5% | |
Maryland | 4.63% (4.72% APR) | 68.8% | 22% | |
Massachusetts | 4.75% (4.87% APR) | 60.3% | 14.9% | |
Michigan | 4.75% (4.90% APR) | 85.5% | 37.6% | |
Minnesota | 4.75% (4.88% APR) | 65.5% | 16.2% | |
Mississippi | 4.75% (4.95% APR) | N/A | 22.5% | |
Missouri | 4.63% (4.77% APR) | 71.5% | 15.7% | |
Montana | 4.75% (4.84% APR) | 60.1% | 7.7% | |
Nebraska | 4.75% (4.95% APR) | 73.1% | 9.6% | |
Nevada | 4.75% (4.89% APR) | 118.7% | 66.5% | |
New Hampshire | 4.75% (4.87% APR) | 69% | 17.7% | |
New Jersey | 4.50% (4.59% APR) | 61.3% | 15.2% | |
New Mexico | 4.75% (4.89% APR) | 66.4% | 12.6% | |
New York | 4.75% (4.86% APR) | 49.8% | 7% | |
North Carolina | 4.75% (4.89% APR) | 70.3% | 10.5% | |
North Dakota | 4.75% (4.95% APR) | 59.9% | 7.4% | |
Ohio | 4.75% (4.95% APR) | 74.7% | 20% | |
Oklahoma | 4.75% (4.87% APR) | 70.7% | 6.0% | |
Oregon | 4.75% (4.92% APR) | 68.7% | 15.6% | |
Pennsylvania | 4.63% (4.73% APR) | 62.1% | 7.4% | |
Rhode Island | 4.75% (4.95% APR) | 61.6% | 20% | |
South Carolina | 4.75% (4.88% APR) | 70.4% | 14.2% | |
South Dakota | 4.75% (4.87% APR) | N/A | 22.5% | |
Tennessee | 4.63% (4.77% APR) | 70.9% | 13.9% | |
Texas | 4.63% (4.76% APR) | 69.5% | 11.2% | |
Utah | 4.75% (5.00% APR) | 73.6% | 20.7% | |
Vermont | 4.75% (4.95% APR) | N/A | 22.5% | |
Virginia | 4.63% (4.77% APR) | 70.5% | 22.1% | |
Washington | 4.75% (4.86% APR) | 66.2% | 14.9% | |
West Virginia | 4.75% (4.95% APR) | N/A | 22.5% | |
Wisconsin | 4.75% (4.95% APR) | 67.2% | 13.1% | |
Wyoming | 4.75% (4.89% APR) | N/A | 22.5% | |
Additional [ refinance mortgage rates ] are available at [ 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 ].
SOURCE LendingTree
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