Mortgage Rates Continue to Fall According to the LendingTree Weekly Mortgage Rate Pulse

LendingTree sees a 31% increase in 15-year fixed rate loan requests; more borrowers begin to see the advantages of shorter-term mortgages

News provided by

LendingTree, LLC

Aug 17, 2011, 10:48 ET

CHARLOTTE, N.C. Aug. 17, 2011 /PRNewswire/ -- Average mortgage rates continued to fall week-over-week, once again marking the year's lowest levels according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average mortgage rates offered by lenders on the LendingTree network.

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On August 16, average home loan rates offered by LendingTree network lenders were 4.35% (4.59% APR) for 30-year fixed mortgages, 3.59% (3.68% APR) for 15-year fixed mortgages and 3.56% (3.80% APR) for 5/1 adjustable rate mortgages (ARM). Average 30-year and 15-year fixed showed a 14% decrease week-over-week.

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 3.875 percent (4.01% APR) for a 30-year fixed mortgage, 3.125 percent (3.36% APR) for a 15-year fixed mortgage and 2.50 percent (3.04% APR) for a 5/1 ARM, showing about a 50 basis point difference between average and lowest rates offered.

"Lenders on the network have recently seen more borrowers make the rational switch to shorter-term mortgages," says Mark Fowler, senior vice president of exchange operations at LendingTree. "With rates as low as we're seeing today, it makes sense to consider shorter term loan options where borrowers can quickly build equity and pay less interest. Homeowners who want to refinance should at least look into less popular loan options like a 15-year fixed-rate mortgage. If it financially makes, you'll be able to shave years off the loan"

Below is 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 8/16/11 *Updated Quarterly
STATE	LOWEST MORTGAGE RATE	LOAN-TO-VALUE RATIO*	NEGATIVE EQUITY*
US Average	3.88% (4.02% APR)	69.7%	33.1%
Alabama	3.88% (4.02% APR)	67.4%	27.9%
Alaska	3.88% (4.00% APR)	65.9%	17.6%
Arizona	4.00% (4.14% APR) -	93.6%	38.9%
Arkansas	4.00% (4.12% APR) -	72.2%	41.7%
California	4.00% (4.15% APR) -	70.1%	34.6%
Colorado	3.88% (4.04% APR)	71.8%	21.9%
Connecticut	3.88% (3.99% APR)	59.5%	43.9%
Delaware	3.88% (3.98% APR)	66.4%	37.9%
District of Columbia	3.88% (4.10% APR)	58.7%	26.1%
Florida	3.88% (4.00% APR)	88.8%	39.1%
Georgia	3.88% (4.01% APR)	80.8%	25.7%
Hawaii	4.13% (4.25% APR) -	54.0%	26.3%
Idaho	3.88% (4.01% APR)	72.6%	29.5%
Illinois	4.00% (4.13% APR)	72.2%	31.7%
Indiana	4.00% (4.18% APR)	69.3%	27.8%
Iowa	4.38% (4.51% APR) -	66.9%	42.1%
Kansas	4.38% (4.51% APR) -	70.2%	30.9%
Kentucky	3.88% (4.02% APR)	67.7%	51.9%
Louisiana	4.38% (4.51% APR) -	74.7%	79.6%
Maine	4.00% (4.12% APR)	58.4%	29.7%
Maryland	3.88% (4.01% APR)	70.1%	25.5%
Massachusetts	4.00% (4.12% APR)	60.9%	45.4%
Michigan	4.00% (4.14% APR) -	84.2%	32.6%
Minnesota	3.88% (3.98% APR)	66.2%	21.8%
Mississippi	4.38% (4.51% APR) -	78.5%	29.5%
Missouri	3.88% (4.02% APR)	71.7%	31.0%
Montana	4.38% (4.51% APR) -	60.5%	32.5%
Nebraska	4.38% (4.51% APR) -	72.7%	44.1%
Nevada	3.88% (4.00% APR)	114.7%	54.0%
New Hampshire	4.00% (4.12% APR)	70.7%	25.4%
New Jersey	3.88% (3.96% APR)	62.3%	29.3%
New Mexico	3.88% (4.02% APR)	67.3%	41.3%
New York	3.88% (3.98% APR)	48.4%	35.1%
North Carolina	3.88% (4.01% APR)	71.1%	32.0%
North Dakota	4.38% (4.51% APR) -	60.6%	35.3%
Ohio	4.00% (4.12% APR)	75.4%	27.0%
Oklahoma	4.00% (4.12% APR)	75.5%	53.5%
Oregon	3.88% (4.03% APR)	69.7%	19.5%
Pennsylvania	4.00% (4.12% APR)	60.6%	42.3%
Rhode Island	4.38% (4.51% APR) -	62.8%	36.8%
South Carolina	4.00% (4.12% APR)	70.9%	28.1%
South Dakota	4.00% (4.12% APR) -	N/A	N/A
Tennessee	4.00% (4.12% APR) -	71.3%	29.5%
Texas	3.88% (4.00% APR)	68.4%	30.5%
Utah	3.88% (4.11% APR)	73.3%	22.3%
Vermont	4.38% (4.51% APR) -	N/A	N/A
Virginia	3.88% (4.01% APR)	70.8%	24.6%
Washington	3.88% (4.02% APR)	68.0%	21.3%
West Virginia	4.38% (4.51% APR) -	66.5%	57.6%
Wisconsin	4.38% (4.51% APR) -	68.5%	34.4%
Wyoming	3.88% (4.01% APR)	63.5%	22.7%

For more information on current mortgage rates or for state specific 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.

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SOURCE LendingTree, LLC