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Tue, November 22, 2011 Average Mortgage Rates Fall According to LendingTree Weekly Mortgage Rate Pulse
Average Mortgage Rates Fall According to LendingTree Weekly Mortgage Rate Pulse -- CHARLOTTE, N.C., Nov.22, 2011 /PRNewswire/ --
Average Mortgage Rates Fall According to LendingTree Weekly Mortgage Rate Pulse
New data suggests rates offered can vary by more than 100 basis points between lenders
CHARLOTTE, N.C., Nov.22, 2011 /PRNewswire/ -- Average mortgage rates slipped 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.
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On November 21, average [ mortgage rates ] offered by LendingTree network lenders were 4.30 percent (4.57% APR) for 30-year fixed mortgages, 3.58 percent (4.03% APR) for 15-year fixed mortgages and 3.25 percent (3.49% APR) for 5/1 adjustable rate mortgages (ARM), about a .20 percent decrease for each loan type.
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network remained unchanged week-over-week at 3.75 percent (3.88% APR) for a 30-year fixed mortgage, 3.00 percent (3.23% APR) for a 15-year fixed mortgage and 2.50 percent (3.03% APR) for a 5/1 ARM.
New data suggests that mortgage rates offered by lenders on the LendingTree network can vary by as much as 120 basis points, or 1.2 percent. To put this variance in perspective, a variance of 1.2 percent on an average $250,000 home loan can translate into a difference of $175 in monthly mortgage payments. When in the market for home loans, borrowers shouldn't accept the first offer. It's best to compare multiple offers against one another to determine the best deal.
Below is 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 11/22/11 *Updated Quarterly | |||
STATE | LOWEST MORTGAGE RATE | LOAN-TO-VALUE RATIO* | NEGATIVE EQUITY* |
US Average | 3.75% (3.88% APR) | 69.8% | 33.5% |
Alabama | 3.75% (3.88% APR) | 68.0% | 29.5% |
Alaska | 3.75% (3.88% APR) | 65.8% | 19.5% |
Arizona | 3.75% (3.88% APR) | 93.1% | 38.9% |
Arkansas | 3.75% (3.86% APR) | 72.3% | 43.0% |
California | 3.75% (3.88% APR) | 70.0% | 34.4% |
Colorado | 3.75% (3.88% APR) | 72.3% | 22.9% |
Connecticut | 3.75% (3.85% APR) | 60.2% | 43.4% |
Delaware | 3.75% (3.85% APR) | 67.3% | 38.8% |
District of Columbia | 3.75% (3.88% APR) | 58.6% | 26.8% |
Florida | 3.63% (3.73% APR) | 87.8% | 38.9% |
Georgia | 3.75% (3.88% APR) | 80.9% | 26.5% |
Hawaii | 3.75% (3.88% APR) | 53.9% | 27.0% |
Idaho | 3.75% (3.88% APR) | 71.7% | 30.3% |
Illinois | 3.75% (3.86% APR) | 72.4% | 32.3% |
Indiana | 3.75% (3.93% APR) | 69.4% | 28.4% |
Iowa | 3.75% (3.88% APR) | 67.3% | 44.2% |
Kansas | 3.75% (3.88% APR) | 70.3% | 32.2% |
Kentucky | 3.75% (3.89% APR) | 67.9% | 52.7% |
Louisiana | 3.75% (3.88% APR) | 75.2% | 82.4% |
Maine | 3.75% (3.86% APR) | 58.3% | 30.7% |
Maryland | 3.75% (3.84% APR) | 70.3% | 25.9% |
Massachusetts | 3.75% (3.86% APR) | 61.9% | 47.0% |
Michigan | 3.75% (3.88% APR) | 84.0% | 33.4% |
Minnesota | 3.75% (3.85% APR) | 66.8% | 22.7% |
Mississippi | 3.75% (3.87% APR) | 78.2% | 29.2% |
Missouri | 3.75% (3.88% APR) | 71.9% | 32.4% |
Montana | 3.75% (3.88% APR) | 60.3% | 33.9% |
Nebraska | 3.75% (3.88% APR) | 73.4% | 44.7% |
Nevada | 3.63% (3.75% APR) | 112.7% | 53.7% |
New Hampshire | 3.88% (3.99% APR) | 70.3% | 26.2% |
New Jersey | 3.75% (3.87% APR) | 62.8% | 29.9% |
New Mexico | 3.75% (3.88% APR) | 67.9% | 45.9% |
New York | 3.75% (3.85% APR) | 48.7% | 36.0% |
North Carolina | 3.75% (4.88% APR) | 71.6% | 32.4% |
North Dakota | 3.75% (3.88% APR) | 61.1% | 36.3% |
Ohio | 3.75% (3.86% APR) | 75.8% | 27.5% |
Oklahoma | 3.75% (3.86% APR) | 71.8% | 50.6% |
Oregon | 3.75% (3.88% APR) | 69.8% | 19.9% |
Pennsylvania | 3.75% (3.84% APR) | 61.1% | 42.0% |
Rhode Island | 3.75% (3.87% APR) | 63.7% | 38.7% |
South Carolina | 3.75% (3.86% APR) | 71.5% | 28.9% |
South Dakota | 3.75% (3.86% APR) | N/A | N/A |
Tennessee | 3.75% (3.89% APR) | 71.6% | 29.9% |
Texas | 3.75% (3.88% APR) | 68.1% | 31.6% |
Utah | 3.75% (3.88% APR) | 72.9% | 22.8% |
Vermont | 3.75% (3.88% APR) | N/A | N/A |
Virginia | 3.75% (3.85% APR) | 71.7% | 25.1% |
Washington | 3.75% (3.88% APR) | 68.3% | 21.7% |
West Virginia | 3.75% (3.85% APR) | 66.8% | 50.6% |
Wisconsin | 3.75% (3.85% APR) | 69.1% | 36.0% |
Wyoming | 3.75% (3.88% APR) | 63.1% | 24.2% |
For more information on current mortgage rates or for state specific mortgage rates, please visit [ http://www.lendingtree.com/mortgage-loans/rates/ ].
The LendingTree Weekly Mortgage Rate Pulse is published every Tuesday moving forward. [ 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 ].
MEDIA CONTACT:
Megan Greuling
(704)943-8208
[ Megan.Greuling@tree.com ]
SOURCE LendingTree
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