According to the data collected on June 21, 2011, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 4.70 percent (4.92% APR) for 30-year fixed mortgages, which is up from 4.67 percent reported the previous week, 3.95 percent (4.30% APR) for 15-year fixed mortgages, which is up from 3.88 percent reported the previous week, and 3.27 percent (3.42% APR) for 5/1 adjustable rate mortgages (ARM), which was down from 3.31 percent reported last week.
The lowest mortgage rates offered on the same day by lenders on the LendingTree network were 4.375 percent (4.51% APR) for a 30-year fixed mortgage, which is the same that was offered last week, 3.50 percent (3.74% APR) for a 15-year fixed mortgage, which was up from 3.375 percent offered last week, and 2.75 percent (3.12% APR) for a 5/1 ARM, which is the same rate offered the week before..
"Over the past several months, we've seen a surge of borrowers refinancing to shorten their loan term," said Chad Smith, senior vice president of mortgage services at LendingTree.com. "With 15-year rates hovering below 4 percent, many homeowners are jumping at the opportunity to save on interest with a shorter loan term and pay off their mortgage faster. For borrowers with flexibility around their monthly payment, this can be a great strategy and yield significant savings over the long term."
The LendingTree Weekly Mortgage Rate Pulse is a snapshot of the lowest and average home loan rates available within the LendingTree network of lenders and is compiled every Wednesday from data that is gathered from the previous day to reflect the most up to date information on current mortgage rates.
Why do we use LendingTree’s Weekly Mortgage Rate Pulse? LendingTree is one the largest providers of mortgages on the internet who utilizes a large network of lenders that provide a more realistic snapshot of current market rates.
See how your state compares below by comparing 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 6/22/11 *Updated Quarterly |
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| STATE | LOWEST MORTGAGE RATE | LOAN-TO-VALUE RATIO* | NEGATIVE EQUITY* |
| US Average | 4.38% (4.51% APR) | 70.2% | 35.0% |
| Alabama | 4.25% (4.39% APR) | 67.0% | 28.9% |
| Alaska | 4.75% (4.95% APR) | 66.3% | 17.3% |
| Arizona | 4.38% (4.51% APR) | 94.6% | 39.4% |
| Arkansas | 4.38% (4.49% APR) | 72.6% | 43.9% |
| California | 4.38% (4.51% APR) | 70.6% | 34.8% |
| Colorado | 4.38% (4.51% APR) | 71.9% | 22.2% |
| Connecticut | 4.25% (4.36% APR) | 59.5% | 43.3% |
| Delaware | 4.25% (4.36% APR) | 67.6% | 50.3% |
| District of Columbia | 4.25% (4.48% APR) | 58.3% | 25.5% |
| Florida | 4.25% (4.36% APR) | 90.8% | 41.1% |
| Georgia | 4.38% (4.51% APR) | 80.9% | 25.8% |
| Hawaii | 4.38% (4.50% APR) | 54.2% | 25.4% |
| Idaho | 4.38% (4.51% APR) | 73.4% | 29.8% |
| Illinois | 4.38% (4.51% APR) | 72.4% | 31.7% |
| Indiana | 4.25% (4.44% 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 | 4.25% (4.39% APR) | 67.6% | 53.1% |
| Louisiana | 4.63% (4.82% APR) | 78.5% | 75.5% |
| Maine | 4.38% (4.49% APR) | 58.6% | 30.1% |
| Maryland | 4.25% (4.48% APR) | 70.4% | 25.6% |
| Massachusetts | 4.38% (4.49% APR) | 60.7% | 46.0% |
| Michigan | 4.38% (4.50% APR) | 84.3% | 32.2% |
| Minnesota | 4.25% (4.36% APR) | 65.6% | 22.2% |
| Mississippi | 4.63% (4.82% APR) | 78.4% | 30.1% |
| Missouri | 4.38% (4.51% 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 | 4.38% (4.49% APR) | 69.8% | 25.2% |
| New Jersey | 4.25% (4.36% APR) | 62.2% | 29.0% |
| New Mexico | 4.38% (4.51% APR) | 66.4% | 45.8% |
| New York | 4.38% (4.48% APR) | 50.1% | 42.1% |
| North Carolina | 4.38% (4.51% APR) | 71.2% | 33.2% |
| North Dakota | 4.63% (4.82% APR) | 60.1% | 37.7% |
| Ohio | 4.38% (4.50% APR) | 75.4% | 27.0% |
| Oklahoma | 4.38% (4.49% APR) | 71.0% | 52.4% |
| Oregon | 4.38% (4.54% APR) | 69.6% | 19.6% |
| Pennsylvania | 4.25% (4.36% APR) | 62.5% | 75.7% |
| Rhode Island | 4.63% (4.82% APR) | 62.6% | 36.6% |
| South Carolina | 4.38% (4.50% APR) | 71.0% | 29.0% |
| South Dakota | 4.25% (4.37% APR) | N/A | N/A |
| Tennessee | 4.38% (4.50% APR) | 71.2% | 30.7% |
| Texas | 4.25% (4.38% APR) | 68.8% | 30.6% |
| Utah | 4.38% (4.62% APR) | 73.7% | 22.2% |
| Vermont | 4.63% (4.82% APR) | N/A | N/A |
| Virginia | 4.25% (4.36% APR) | 71.7% | 25.0% |
| Washington | 4.38% (4.53% 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 | 4.38% (4.51% APR) | 64.2% | 23.0% |
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Tags: lendingtree, mortgage rates, mortgage loans, average home rates, 30 year fixed, 15 year fixed, 5/1 arm, adjustable rate mortgage, fixed mortgage, freddie mac, lenders
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