LendingTree Weekly Mortgage Rate Pulse Reports Rates On the Rise

Proposed qualified residential mortgage definition to impact rates, access to credit

Mar 30, 2011, 12:52 ET from LendingTree, LLC

CHARLOTTE, N.C., March 30, 2011 /PRNewswire/ -- Average mortgage rates rose 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 29, average home loan rates offered by LendingTree network lenders were 5.06% (5.27% APR) for 30-year fixed mortgages, 4.23% (4.56% APR) for 15-year fixed mortgages and 3.7% (3.79% APR) for 5/1 adjustable rate mortgages (ARM). Rates for all loan types rose week-over-week.  

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.75 percent (4.95% APR) for a 30-year fixed mortgage, 3.75 percent (3.99% APR) for a 15-year fixed mortgage and 3.125 percent (3.31% APR) for a 5/1 ARM.

"The definition of a qualified residential mortgage (QRM) announced yesterday is likely to make borrowing both more difficult and more expensive for consumers," said Cameron Findlay, LendingTree Chief Economist. "The proposed rule would mandate a 20 percent down payment; a standard that is sure to be a barrier given that in 2010 only 30% percent of first-time home buyers put down more than 10 percent. Rates are expected to move higher due to the forced injection of private label back into the market.  All in all it adds up to a more challenging environment for borrowers in the coming year."

The following housing market data shows a snapshot of the lowest 30-year mortgage rates offered by lenders on the LendingTree network, as well as updated average loan-to-value ratios and negative equity by state.


STATE-BY-STATE MORTGAGE DATA 3/29/11


*Updated Quarterly

STATE

LOWEST MORTGAGE RATE

LOAN-TO-VALUE RATIO*

% WITH NEGATIVE EQUITY*

US Average

4.75% (4.99% APR)

70.2%

35.0%

STATE

LOWEST MORTGAGE RATE

67.0%

28.9%

Alabama

4.63% (4.77% APR)

66.3%

17.3%

Alaska

4.75% (4.95% APR)

94.6%

39.4%

Arizona

4.63% (4.74% APR)

72.6%

43.9%

Arkansas

4.50% (4.62% APR)

70.6%

34.8%

California

4.63% (4.74% APR)

71.9%

22.2%

Colorado

4.75% (4.89% APR)

59.5%

43.3%

Connecticut

4.63% (4.74% APR)

67.6%

50.3%

Delaware

4.50% (4.61% APR) ­

58.3%

25.5%

District of Columbia

4.63% (4.86% APR) 

90.8%

41.1%

Florida

4.63% (4.77% APR)

80.9%

25.8%

Georgia

4.63% (4.77% APR)

54.2%

25.4%

Hawaii

4.75% (4.95% APR)

73.4%

29.8%

Idaho

4.75% (4.89% APR)

72.4%

31.7%

Illinois

4.75% (4.88% APR)

69.4%

28.5%

Indiana

4.63% (4.81% APR)

66.7%

42.9%

Iowa

4.75% (4.95% APR)

70.5%

31.8%

Kansas

4.75% (4.95% APR)

67.6%

53.1%

Kentucky

4.63% (4.77% APR)

78.5%

75.5%

Louisiana

4.75% (4.95% APR)

58.6%

30.1%

Maine

4.63% (4.74% APR)

70.4%

25.6%

Maryland

4.63% (4.72% APR)

60.7%

46.0%

Massachusetts

4.75% (4.87% APR)

84.3%

32.2%

Michigan

4.63% (4.74% APR)

65.6%

22.2%

Minnesota

4.75% (4.88% APR)

78.4%

30.1%

Mississippi

4.75% (4.95% APR)

71.6%

31.0%

Missouri

4.63% (4.77% APR)

60.2%

33.4%

Montana

4.75% (4.95% APR)

72.3%

46.5%

Nebraska

4.75% (4.95% APR)

118.0%

55.3%

Nevada

4.75% (4.95% APR)

69.8%

25.2%

New Hampshire

4.75% (4.87% APR)

62.2%  

29.0%

New Jersey

4.63% (4.72% APR)

66.4%  -

45.8%

New Mexico

4.75% (4.89% APR)

50.1%

42.1%

New York

4.75% (4.86% APR)

71.2%

33.2%

North Carolina

4.75% (4.95% APR)

60.1%

37.7%

North Dakota

4.75% (4.95% APR)

75.4%

27.0%

Ohio

4.63% (4.74% APR)

71.0%

52.4%

Oklahoma

4.63% (4.74% APR)

69.6%

19.6%

Oregon

4.75% (4.92% APR)

62.5%

75.7%

Pennsylvania

4.63% (4.72% APR)

62.6%

36.6%

Rhode Island

4.75% (4.95% APR)

71.0%

29.0%

South Carolina

4.75% (4.89% APR)

N/A

N/A

South Dakota

4.63% (4.74% APR)

71.2%

30.7%

Tennessee

4.63% (4.77% APR)

68.8%

30.6%

Texas

4.63% (4.74% APR)

73.7%

22.2%

Utah

4.75% (5.00% APR)

N/A

N/A

Vermont

4.75% (4.95% APR)

71.7%

25.0%

Virginia

4.63% (4.86% APR)

67.9%

21.4%

Washington

4.75% (4.91% APR)

67.0%

68.0%

West Virginia

4.75% (4.95% APR)

68.3%

35.6%

Wisconsin

4.75% (4.95% 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, LLC



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