LendingTree Weekly Mortgage Rate Pulse Reports Rates Ease to Just Over 5 Percent

Pending mortgage rules could make qualifying for a loan more difficult for thousands of borrowers

Mar 02, 2011, 13:57 ET from LendingTree

CHARLOTTE, N.C., March 2, 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 March 1, average home loan rates offered by LendingTree network lenders were 5.06% (5.28% APR) for 30-year fixed mortgages, 4.29% (4.6% APR) for 15-year fixed mortgages and 3.79% (4.01% 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, 3.875 percent (4.12% APR) for a 15-year fixed mortgage and 3.125 percent (3.31% APR) for a 5/1 ARM. Lowest rates also fell week over week.  

"This latest dip in mortgage rates combined with current low home prices are good news for home buyers," said Cameron Findlay, LendingTree Chief Economist. "But there is a serious storm brewing in Washington that could raise the down payment required to get a loan to 20%. Federal regulators are in the final stages of defining new mortgage rules, stemming from the definition of a Qualified Residential Mortgage (QRM), that have the potential to limit the availability of credit and reduce the pool of eligible borrowers by as much as 35%."

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 3/1/11

*Updated Quarterly

STATE

LOWEST
MORTGAGE RATE

LOAN-TO-
VALUE RATIO*

% WITH
NEGATIVE
EQUITY*

Alabama

4.63% (4.77% 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% (4.89% APR)

70.1%

31.6%

Colorado

4.75% (4.93% APR)

72.1%

19.6%

Connecticut

4.75% (4.88% APR)

58.2%

11.9%

Delaware

4.63% (4.73% APR)

67.9%

13.3%

District of Columbia

4.63% (4.86% APR) 

58.6%

15.2%

Florida

4.63% (4.77% 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% (4.89% 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

4.63% (4.77% 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

4.63% (4.86% APR)

68.8%

22%

Massachusetts

4.75% (4.87% APR)

60.3%

14.9%

Michigan

4.75% (4.90% 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

4.63% (4.72% APR)

61.3%

15.2%

New Mexico

4.75% (4.91% 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

4.63% (4.72% APR)

62.1%

7.4%

Rhode Island

4.75% (4.95% APR) -

61.6%

20%

South Carolina

4.75% (4.89% APR)

70.4%

14.2%

South Dakota

4.75% (4.87% APR) -

N/A

22.5%

Tennessee

4.75% (4.90% 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

4.63% (4.86% 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%




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



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