LendingTree Weekly Mortgage Rate Pulse Reports Falling Rates

Released  January 5, 2011
By Megan Greuling

CHARLOTTE, NC (January 5, 2011)  – Average mortgage rates fell week-over-week, according to the LendingTree Weekly Mortgage Rate Pulse, a snapshot of the lowest and average home loan rates available within the LendingTree network of lenders.


On January 4, average home loan rates offered by LendingTree network lenders were 5.01 percent (5.26% APR) for 30-year fixed mortgages, 4.34 percent (4.70% APR) for 15-year fixed mortgages and 3.91 percent (4.06% APR) for 5/1 adjustable rate mortgages (ARM). Mortgage rates for all loan types were down from the prior week.


On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.375 percent (4.57% APR) for a 30-year fixed mortgage, 3.75 percent (3.99% APR) for a 15-year fixed mortgage and 3.00 percent (3.21% APR) for a 5/1 ARM.  


On January 4, LendingTree network lenders offered rates for a jumbo loan as low as 5.375% percent (5.393% APR) for 30-year fixed mortgages, 5.875 percent (5.917% APR) for 15-year fixed mortgages.


Average jumbo loan rates offered by lenders this week were 5.90 percent (5.97% APR) for 30-year fixed mortgages and 5.73 percent (5.84% APR) for 15-year fixed mortgages.


“Since September, the spread between a conforming 30-year fixed mortgage and a jumbo mortgage has slowly narrowed to 60 basis points, reaching their most attractive level since mid-2007.” said Cameron Findlay, LendingTree chief economist. “For homeowners in the high-end housing market, it’s a great time to consider refinancing.”


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 1/4/11


*Updated Quarterly


STATE


LOWEST MORTGAGE RATE


LOAN-TO-VALUE RATIO*


% WITH NEGATIVE EQUITY*


Alabama


4.50% (4.65% APR)


67%


9.8%


Alaska


4.63% (4.82% APR)


67%


10.6%


Arizona


4.50% (4.70% APR)


94%


50%


Arkansas


4.63% (4.74% APR)


74%


12%


California


4.50% (4.63% APR)


70%


32.8%


Colorado


4.50% (4.70% APR)


72%


19.7%


Connecticut


4.50% (4.61% APR)


58%


12%


Delaware


4.50% (4.59% APR)


68%


13.5%


District of Columbia


4.50% (4.74% APR)


59%


15.5%


Florida


4.38% (4.48% APR)


90%


46.4%


Georgia


4.38% (4.52% APR)


80%


28.1%


Hawaii


4.63% (4.71% APR)


55%


10.7%


Idaho


4.50% (4.70% APR)


73%


23.7%


Illinois


4.50% (4.70% APR)


71%


19.7%