Mortgage Rates Fall According to LendingTree Weekly Mortgage Rate Pulse 5/1 ARM rates drop to lowest level in six months

CHARLOTTE, N.C., May 4, 2011 /PRNewswire/ -- Average mortgage fell 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.

On May 3, average home loan rates offered by LendingTree network lenders were 4.90% (5.10% APR) for 30-year fixed mortgages, 4.10% (4.41% APR) for 15-year fixed mortgages and 3.44% (3.64% APR) for 5/1 adjustable rate mortgages (ARM). Rates for all loan types fell week over week.  

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.50 percent (4.64% APR) for a 30-year fixed mortgage, 3.75 percent (3.99% APR) for a 15-year fixed mortgage and 2.88 percent (3.17% APR) for a 5/1 ARM. Rates for 30-year fixed mortgages and 5/1 ARMs fell week over week. 15 year fixed mortgage rates were flat.

"Rates have been on a continuous decline for the past months, with 5/1 ARMs in particular making a resurgence," said Cameron Findlay, LendingTree Chief Economist. "Rates for 5/1 ARMS are now the lowest they've been in six months, with average rates as low as 3.44 percent. These low initial rates, combined with transparent caps and more conservative underwriting, make 5/1 ARMs an attractive option for some borrowers. Today, the lifetime cap on most 5/1 ARMs is 5%, which translates to a maximum possible rate of 8.44%. Not very intimidating considering 30 year fixed rates have averaged 8.88% over the last 40 years."

The following housing market data shows 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 5/3/11


*Updated Quarterly


STATE

LOWEST MORTGAGE

RATE

LOAN-TO-VALUE

RATIO*

% WITH NEGATIVE

EQUITY*

US Average

4.50% (4.64% APR)

70.2%

35.0%

Alabama

4.50% (4.63% APR)

67.0%

28.9%

Alaska

4.75% (4.95% APR)

66.3%

17.3%

Arizona

4.50% (4.64% APR)

94.6%

39.4%

Arkansas

4.50% (4.62% APR)

72.6%

43.9%

California

4.38% (4.48% APR)

70.6%

34.8%

Colorado

4.50% (4.68% APR)

71.9%

22.2%

Connecticut

4.38% (4.48% APR)

59.5%

43.3%

Delaware

4.38% (4.48% APR)

67.6%

50.3%

District of Columbia

4.38% (4.61% APR)

58.3%

25.5%

Florida

4.38% (4.48% APR)

90.8%

41.1%

Georgia

4.50% (4.63% APR)

80.9%

25.8%

Hawaii

4.63% (4.75% APR)

54.2%

25.4%

Idaho

4.50% (4.64% APR)

73.4%

29.8%

Illinois

4.50% (4.62% APR)

72.4%

31.7%

Indiana

4.50% (4.63% APR)

69.4%

28.5%

Iowa

4.63% (4.82% APR)

66.7%

42.9%

Kansas

4.63% (4.82% APR)

70.5%

31.8%

Kentucky

4.38% (4.52% APR)

67.6%

53.1%

Louisiana

4.63% (4.82% APR)

78.5%

75.5%

Maine

4.50% (4.62% APR)

58.6%

30.1%

Maryland

4.38% (4.47% APR)

70.4%

25.6%

Massachusetts

4.63% (4.75% APR)

60.7%

46.0%

Michigan

4.50% (4.63% APR)

84.3%

32.2%

Minnesota

4.38% (4.48% APR)

65.6%

22.2%

Mississippi

4.63% (4.82% APR)

78.4%

30.1%

Missouri

4.50% (4.63% APR)

71.6%

31.0%

Montana

4.75% (4.95% APR)

60.2%

33.4%

Nebraska

4.63% (4.82% APR)

72.3%

46.5%

Nevada

4.75% (4.95% APR)

118.0%

55.3%

New Hampshire

4.50% (4.62% APR)

69.8%

25.2%

New Jersey

4.38% (4.48% APR)

62.2%

29.0%

New Mexico

4.50% (4.65% APR)

66.4%

45.8%

New York

4.50% (4.61% APR)

50.1%

42.1%

North Carolina

4.50% (4.64% APR)

71.2%

33.2%

North Dakota

4.63% (4.82% APR)

60.1%

37.7%

Ohio

4.50% (4.62% APR)

75.4%

27.0%

Oklahoma

4.50% (4.62% APR)

71.0%

52.4%

Oregon

4.50% (4.66% APR)

69.6%

19.6%

Pennsylvania

4.38% (4.48% APR)

62.5%

75.7%

Rhode Island

4.63% (4.82% APR)

62.6%

36.6%

South Carolina

4.50% (4.63% APR)

71.0%

29.0%

South Dakota

4.38% (4.49% APR)

N/A

N/A

Tennessee

4.50% (4.63% APR)

71.2%

30.7%

Texas

4.38% (4.50% APR)

68.8%

30.6%

Utah

4.50% (4.74% APR)

73.7%

22.2%

Vermont

4.63% (4.82% APR)

N/A

N/A

Virginia

4.38% (4.61% APR)

71.7%

25.0%

Washington

4.50% (4.63% APR)

67.9%

21.4%

West Virginia

4.75% (4.95% APR)

67.0%

68.0%

Wisconsin

4.75% (4.95% APR)

68.3%

35.6%

Wyoming

4.50% (4.64% APR)

64.2%

23.0%




For more state-level housing market data, please contact Nicole Hall. Or, to compare 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:
Nicole Hall
(704) 943-8463
Nicole.hall@tree.com

SOURCE LendingTree



RELATED LINKS
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