LendingTree.com Weekly Mortgage Rate Pulse Reports Average Rates Rise Slightly

Released  September 8, 2010
By Megan Greuling


CHARLOTTE, NC (September 8, 2010)  – Average mortgage rates rose slightly this week, according to the LendingTree Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders.


On September 7, lenders on the LendingTree network offered mortgage rates as low as 4.0 percent (4.13% APR) for a 30-year fixed mortgage, 3.375 percent (3.61% APR) for a 15-year fixed mortgage and 2.875 percent (3.41% APR) for a 5/1 adjustable rate mortgage (ARM). The lowest offered rates for 30 and 15-year home loans remained flat week-over-week, while 5/1 ARM rates fell one eighth of a point.


Average home loan rates offered by lenders on the LendingTree network rose slightly week-over-week to 4.44 percent (4.64% APR) for 30-year fixed mortgages, 3.87 percent (4.33% APR) for 15-year fixed mortgages and 3.43 percent (3.65% APR) for 5/1 ARMs.


“Last week’s unemployment data showed a decline of 54,000 jobs, which, despite the negative result, beat expectations” said Cameron Findlay, Chief Economist of LendingTree.com. “Borrowers can expect to see greater pricing disparity between lenders during times like this as pipelines remain backed up and mortgage originators hold rates higher to stem the number of refinance applications. This creates a fluid rate environment, making it critical for borrowers to do their homework to ensure they’re obtaining a competitive rate.”


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


*Updated Quarterly


STATE


LOWEST MORTGAGE RATE


LOAN-TO-VALUE RATIO*


% WITH NEGATIVE EQUITY*


Alabama


4.00% (4.14% APR)


67%


9.8%


Alaska


4.00% (4.13% APR)


67%


10.6%


Arizona


4.00% (4.11% APR)


94%


50%


Arkansas


3.88% (3.99% APR)


74%


12%


California


4.00% (4.12% APR)


70%


32.8%


Colorado


4.00% (4.13% APR)


72%


19.7%


Connecticut


3.88% (3.99% APR)


58%


12%


Delaware


3.88% (3.98% APR)


68%


13.5%


District of Columbia


3.88% (4.10% APR)


N/A


N/A


Florida


3.88% (3.98% APR)


90%


46.4%


Georgia


4.00% (4.12% APR)


80%


28.1%


Hawaii


4.00% (4.13% APR)


55%


10.7%


Idaho


4.13 % (4.26% APR)


73%


23.7%


Illinois


4.00% (4.12% APR)


71%