LendingTree Weekly Mortgage Rate Pulse Reports Rates Holding Steady

Gap Between New and Existing Median Home Prices Widens to All-Time High

Mar 09, 2011, 16:37 ET from LendingTree

CHARLOTTE, N.C., March 9, 2011 /PRNewswire/ -- This week, mortgage rates held steady week-over-week according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average home loan rates offered by lenders on the LendingTree network.

On March 8, average home loan rates offered by LendingTree network lenders were 5.08% (5.29% APR) for 30-year fixed mortgages, 4.29% (4.61% APR) for 15-year fixed mortgages and 3.83% (4.01% APR) for 5/1 adjustable rate mortgages (ARM). Rates for all loan types were on par with 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 3.25 percent (3.30% APR) for a 5/1 ARM. Lowest rates for both 30-year and 15-year fixed mortgages were flat, while 5/1 ARM rates rose slightly.  

"The spread differential in the price of new vs. existing homes has reached a historic high," said Cameron Findlay, LendingTree Chief Economist. "Based on the latest data published by the National Association of Realtors, the median price for an existing home is $158,800 – the lowest it's been since 2002. Compare that with the median price of new homes, $230,600, and it's clear that dollar-for-dollar existing homes are a value for home buyers."

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 3/9/11

*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

% WITH NEGATIVE EQUITY*

Alabama

4.75% (4.90% 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% (4.73% 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

4.75% (4.90% 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% (4.89% APR)

71.5%

15.7%

Montana

4.75% (4.95% APR)

60.1%

7.7%

Nebraska

4.75% (4.95% APR)

73.1%

9.6%

Nevada

4.75% (4.95% 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% (4.87% 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% (4.73% 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% (4.89% 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% (4.73% 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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