Business & Finance
Mon, February 28, 2011Sun, February 27, 2011Sat, February 26, 2011Fri, February 25, 2011Thu, February 24, 2011Wed, February 23, 2011Tue, February 22, 2011Mon, February 21, 2011Sun, February 20, 2011Fri, February 18, 2011Thu, February 17, 2011LendingTree Weekly Mortgage Rate Pulse Reports Slightly Declining Rates
Published in Business and Finance on Wednesday, February 23rd 2011 at 11:05 GMT by Market Wire
LendingTree Weekly Mortgage Rate Pulse Reports Slightly Declining Rates -- CHARLOTTE, N.C., Feb. 23, 2011 /PRNewswire/ --
LendingTree Weekly Mortgage Rate Pulse Reports Slightly Declining Rates
But latest housing numbers indicate a rough road ahead
CHARLOTTE, N.C., Feb. 23, 2011 /PRNewswire/ -- Mortgage rates fell 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 February 22, average [ home loan rates ] offered by LendingTree network lenders were 5.16% (5.39% APR) for 30-year fixed mortgages, 4.37% (4.7% APR) for 15-year fixed mortgages and 3.87% (4.04% APR) for 5/1 adjustable rate mortgages (ARM). Rates for all loan types fell from last week's averages.
On the same day, the lowest [ mortgage rates ] offered by lenders on the LendingTree network were 4.75 percent (4.89% APR) for a 30-year fixed mortgage, 4.00 percent (4.24% APR) for a 15-year fixed mortgage and 3.25 percent (3.3% APR) for a 5/1 ARM. Lowest rates fell one-eighth of a point week-over-week.
"While overall consumer confidence is rising, we expect this week's housing numbers will show that confidence doesn't translate to the housing market," said Cameron Findlay, LendingTree Chief Economist. "S&P/Case-Shiller results indicate we are on the precipice of a double dip in housing, and we're forecasting existing and new home sales to show month-over-month declines. That said, home ownership remains affordable with mortgage rates continuing to hover around 5% for a 30-year fixed loan. But with government reform of Fannie Mae and Freddie Mac on the horizon, don't expect that affordability to last."
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 2/22/11 *Updated Quarterly | ||||
STATE | LOWEST MORTGAGE RATE | LOAN-TO-VALUE RATIO* | % WITH NEGATIVE EQUITY* | |
Alabama | 4.75% (4.89% APR) | 67.1% | 10.5% | |
Alaska | 4.75% (4.95% APR) | 67% | 8.9% | |
Arizona | 4.75% (4.89% APR) | 92.4% | 48.6% | |
Arkansas | 4.75% (4.87% APR) | 73.6% | 11.6% | |
California | 4.75% (4.86% APR) | 70.1% | 31.6% | |
Colorado | 4.75% (4.89% APR) | 72.1% | 19.6% | |
Connecticut | 4.75% (4.86% APR) | 58.2% | 11.9% | |
Delaware | 4.75% (4.84% APR) | 67.9% | 13.3% | |
District of Columbia | 4.75% (4.89% APR) | 58.6% | 15.2% | |
Florida | 4.75% (4.84% APR) | 88.7% | 45.5% | |
Georgia | 4.75% (4.90% APR) | 79.8% | 28% | |
Hawaii | 4.75% (4.95% APR) | 55.5% | 10.7% | |
Idaho | 4.75% (4.89% APR) | 74.1% | 25.3% | |
Illinois | 4.75% (4.84% APR) | 70.6% | 19.4% | |
Indiana | 4.75% (4.94% 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 | 4.75% (4.90% 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 | 4.75% (4.84% APR) | 68.8% | 22% | |
Massachusetts | 4.75% (4.95% APR) | 60.3% | 14.9% | |
Michigan | 4.75% (4.89% APR) | 85.5% | 37.6% | |
Minnesota | 4.75% (4.86% APR) | 65.5% | 16.2% | |
Mississippi | 4.75% (4.95% APR) | N/A | 22.5% | |
Missouri | 4.75% (4.90% 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 | 4.75% (4.86% 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 | 4.75% (4.86% 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 | 4.75% (4.88% APR) | 70.9% | 13.9% | |
Texas | 4.75% (4.89% 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 | 4.75% (4.89% APR) | 70.5% | 22.1% | |
Washington | 4.75% (4.91% 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 ].
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