Published: August 03, 2011
Rates Unexpectedly Plunge to 2011 Record Lows According to the LendingTree Weekly Mortgage Rate Pulse
CHARLOTTE, N.C., Aug. 3, 2011 /PRNewswire/ -- Average mortgage rates fell substantially 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 August 2, average home loan rates offered by LendingTree network lenders were 4.56% (4.81% APR) for 30-year fixed mortgages, 3.80% (4.20% APR) for 15-year fixed mortgages and 3.31% (3.55% APR) for 5/1 adjustable rate mortgages (ARM). Average rates for 30-year fixed mortgages showed an 18% dip while 15-year fixed and 5/1 ARM rates also decreased week-over-week.
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.25 percent (4.39% APR) for a 30-year fixed mortgage, 3.25 percent (3.49% APR) for a 15-year fixed mortgage and 2.63 percent (3.08% APR) for a 5/1 ARM, showing a 13% decrease in rates from last week across the board.
"Mortgage rates on the LendingTree marketplace have unexpectedly dropped to the record-breaking levels we saw back in November 2010, which marked a historic low," said Doug Lebda, Chairman and CEO of LendingTree. "This aggressive dip in rates coupled with the economic forecasts of rate increases in the coming months signals that now may be the best opportunity to lock-in the lowest rates of 2011. Borrowers should ensure they are shopping around multiple lenders to negotiate the best deal possible given the volatility of the current rate market."
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 8/3/11
*Updated Quarterly
LOWEST MORTGAGE LOAN-TO-VALUE
STATE RATE RATIO* NEGATIVE EQUITY*
----- --------------- ------------- ----------------
US Average 4.25% (4.39% APR) 69.7% 33.1%
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Alabama 4.25% (4.38% APR) 67.4% 27.9%
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Alaska 4.38% (4.51% APR) 65.9% 17.6%
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Arizona 4.25% (4.39% APR) 93.6% 38.9%
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Arkansas 4.13% (4.24% APR) 72.2% 41.7%
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California 4.13% (4.24% APR) 70.1% 34.6%
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Colorado 4.25% (4.42% APR) 71.8% 21.9%
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Connecticut 4.25% (4.37% APR) 59.5% 43.9%
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Delaware 4.13% (4.23% APR) 66.4% 37.9%
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District of
Columbia 4.25% (4.48% APR) 58.7% 26.1%
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Florida 4.13% (4.25% APR) 88.8% 39.1%
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Georgia 4.25% (4.39% APR) 80.8% 25.7%
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Hawaii 4.25% (4.37% APR) 54.0% 26.3%
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Idaho 4.25% (4.39% APR) 72.6% 29.5%
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Illinois 4.25% (4.37% APR) 72.2% 31.7%
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Indiana 4.25% (4.38% APR) 69.3% 27.8%
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Iowa 4.38% (4.51% APR) 66.9% 42.1%
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Kansas 4.38% (4.51% APR) 70.2% 30.9%
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Kentucky 4.25% (4.38% APR) 67.7% 51.9%
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Louisiana 4.38% (4.51% APR) 74.7% 79.6%
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Maine 4.25% (4.37% APR) 58.4% 29.7%
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Maryland 4.25% (4.34% APR) 70.1% 25.5%
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Massachusetts 4.25% (4.37% APR) 60.9% 45.4%
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Michigan 4.25% (4.37% APR) 84.2% 32.6%
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Minnesota 4.13% (4.23% APR) 66.2% 21.8%
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Mississippi 4.38% (4.51% APR) 78.5% 29.5%
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Missouri 4.25% (4.38% APR) 71.7% 31.0%
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Montana 4.38% (4.51% APR) 60.5% 32.5%
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Nebraska 4.38% (4.51% APR) 72.7% 44.1%
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Nevada 4.25% (4.40% APR) 114.7% 54.0%
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New Hampshire 4.25% (4.37% APR) 70.7% 25.4%
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New Jersey 4.13% (4.23% APR) 62.3% 29.3%
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New Mexico 4.25% (4.40% APR) 67.3% 41.3%
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New York 4.13% (4.23% APR) 48.4% 35.1%
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North Carolina 4.25% (4.39% APR) 71.1% 32.0%
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North Dakota 4.38% (4.51% APR) 60.6% 35.3%
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Ohio 4.13% (4.24% APR) 75.4% 27.0%
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Oklahoma 4.25% (4.37% APR) 75.5% 53.5%
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Oregon 4.25% (4.41% APR) 69.7% 19.5%
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Pennsylvania 4.13% (4.23% APR) 60.6% 42.3%
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Rhode Island 4.38% (4.51% APR) 62.8% 36.8%
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South Carolina 4.25% (4.38% APR) 70.9% 28.1%
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South Dakota 4.25% (4.37% APR) N/A N/A
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Tennessee 4.25% (4.38% APR) 71.3% 29.5%
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Texas 4.13% (4.25% APR) 68.4% 30.5%
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Utah 4.25% (4.49% APR) 73.3% 22.3%
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Vermont 4.38% (4.51% APR) N/A N/A
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Virginia 4.25% (4.37% APR) 70.8% 24.6%
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Washington 4.25% (4.39% APR) 68.0% 21.3%
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West Virginia 4.38% (4.51% APR) 66.5% 57.6%
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Wisconsin 4.38% (4.51% APR) 68.5% 34.4%
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Wyoming 4.25% (4.39% APR) 63.5% 22.7%
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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 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.
MEDIA CONTACT:
Mona Marimow
(704) 943-8030
Mona@tree.com
SOURCE LendingTree
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