LendingTree Weekly Mortgage Rate Pulse Reports Record Low Rates Hold Steady
Jumbo Rates Drop to Lowest Levels Since 2005
CHARLOTTE, N.C., July 14 /PRNewswire/ -- Mortgage rates offered by lenders on the LendingTree network held steady at record lows this week, according to the company's Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders.
On July 13, lenders on the LendingTree network offered mortgage rates as low as 4.25 percent (4.39% APR) for a 30-year fixed mortgage, 3.75 percent (3.99% APR) for a 15-year fixed mortgage and 3.25 percent (3.54% APR) for a 5/1 adjustable rate mortgage (ARM). Rates for 30 and 15-year fixed loans remained flat, while 5/1 ARM rates rose an eighth of a point.
Average rates offered by lenders on the LendingTree network this week were 4.66 percent (4.85% APR) for 30-year fixed mortgages, 4.16 percent (4.42% APR) for 15-year fixed mortgages and 3.71 percent (3.93% APR) for 5/1 ARMs.
Joining the trend of falling rates is jumbo mortgages, loans valued at more than $729,750. With a narrow margin of 63 basis points, jumbo loans are nearing conforming rates. On July 13, LendingTree network lenders offered rates for jumbo loans as low as 4.875 percent (4.99% APR) for 30-year fixed mortgages, 4.75 percent (5.08% APR) for 15-year fixed mortgages and 3.75 percent (3.77% APR) for 5/1 ARMs.
Average jumbo loan rates offered by lenders this week were 5.31 percent (5.35% APR) for 30-year fixed mortgages, 4.82 percent (4.86% APR) for 15-year fixed mortgages and 4.28 percent (3.71% APR) for 5/1 ARMs.
"Rates for jumbo loans have dropped to their lowest levels since 2005," said Cameron Findlay, Chief Economist of LendingTree.com. "After the credit crunch, the market has started to awaken again to Jumbo securitization, but underwriting standards are still strict. Most of the originations we're seeing are for homeowners with very low loan-to-value percentages and a high FICO score."
Below is a state-by-state comparison with week-over-week indicators 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 |
||||
STATE |
LOWEST MORTGAGE RATE |
LOAN-TO-VALUE RATIO |
% WITH NEGATIVE EQUITY |
|
Alabama |
4.25% (4.38% APR) |
67% |
9.3% |
|
Alaska |
4.25% (4.39% APR) |
65% |
8.6% |
|
Arizona |
4.25% (4.37% APR) |
95% |
51.3% |
|
Arkansas |
4.25% (4.39% APR) |
74% |
12.6% |
|
California |
4.25% (4.38% APR) |
72% |
35.1% |
|
Colorado |
4.25% (4.39% APR) |
72% |
20.2% |
|
Connecticut |
4.13% (4.24% APR) |
58% |
11.6% |
|
Delaware |
4.25% (4.41% APR) |
69% |
14.3% |
|
District of Columbia |
4.25% (4.48% APR) |
N/A |
N/A |
|
Florida |
4.13% (4.24% APR) |
91% |
47.8% |
|
Georgia |
4.25% (4.37% APR) |
80% |
27.8% |
|
Hawaii |
4.25% (4.45% APR) |
53% |
9.3% |
|
Idaho |
4.25% (4.39% APR) |
72% |
22.7% |
|
Illinois |
4.25% (4.39% APR) |
72% |
20.9% |
|
Indiana |
4.25% (4.38% APR) |
69% |
10.7% |
|
Iowa |
4.25% (4.39% APR) |
66% |
8.9% |
|
Kansas |
4.25% (4.39% APR) |
70% |
10.7% |
|
Kentucky |
4.25% (4.37% APR) |
67% |
9.0% |
|
Louisiana |
4.25% (4.39% APR) |
N/A |
23.8% |
|
Maine |
4.25% (4.39% APR) |
N/A |
23.8% |
|
Maryland |
4.25% (4.39% APR) |
69% |
22.9% |
|
Massachusetts |
4.25% (4.39% APR) |
61% |
15.8% |
|
Michigan |
4.25% (4.36% APR) |
85% |
38.5% |
|
Minnesota |
4.25% (4.37% APR) |
65% |
16.6% |
|
Mississippi |
4.25% (4.39% APR) |
N/A |
23.8% |
|
Missouri |
4.25% (4.38% APR) |
71% |
15.5% |
|
Montana |
4.38% (4.51% APR) |
57% |
6.9% |
|
Nebraska |
4.25% (4.39% APR) |
72% |
8.8% |
|
Nevada |
4.38% (4.52% APR) |
123% |
69.9% |
|
New Hampshire |
4.25% (4.39% APR) |
69% |
19.1% |
|
New Jersey |
4.25% (4.41% APR) |
62% |
16.1% |
|
New Mexico |
4.25% (4.39% APR) |
66% |
12.3% |
|
New York |
4.25% (4.41% APR) |
49% |
6.3% |
|
North Carolina |
4.25% (4.39% APR) |
70% |
10.2% |
|
North Dakota |
4.25% (4.39% APR) |
60% |
7.6% |
|
Ohio |
4.25% (4.45% APR) |
75% |
19.8% |
|
Oklahoma |
4.25% (4.40% APR) |
70% |
6.0% |
|
Oregon |
4.25% (4.36% APR) |
68% |
15.9% |
|
Pennsylvania |
4.25% (4.39% APR) |
62% |
7.5% |
|
Rhode Island |
4.25% (4.39% APR) |
55% |
16.8% |
|
South Carolina |
4.25% (4.39% APR) |
70% |
13.5% |
|
South Dakota |
4.25% (4.39% APR) |
N/A |
23.8% |
|
Tennessee |
4.25% (4.39% APR) |
71% |
13.9% |
|
Texas |
4.25% (4.39% APR) |
70% |
11.9% |
|
Utah |
4.25% (4.49% APR) |
73% |
21.1% |
|
Vermont |
4.25% (4.39% APR) |
N/A |
23.8% |
|
Virginia |
4.25% (4.37% APR) |
72% |
24.3% |
|
Washington |
4.25% (4.45% APR) |
67% |
15.9% |
|
West Virginia |
4.25% (4.39% APR) |
N/A |
23.8% |
|
Wisconsin |
4.25% (4.39% APR) |
68% |
14.7% |
|
Wyoming |
4.25% (4.45% APR) |
N/A |
23.8% |
|
Additional mortgage rate information is available at http://www.lendingtree.com/mortgage-loans/rates/.
The LendingTree Weekly Mortgage Rate Pulse will be published every Wednesday. 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 or 800-555-TREE.
MEDIA CONTACT: |
|
Bethany Ciampa, Mullen |
|
(617) 226-9950 |
|
SOURCE LendingTree
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