LendingTree Weekly Mortgage Rate Pulse Reports Rates onthe Rise

Released  February 9, 2011
By Megan Greuling


CHARLOTTE, NC (February 9, 2011) – Average mortgage rates rose 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 February 8, average home loan rates offered by LendingTree network lenders rose week-over-week to 5.31% (5.6% APR) for 30-year fixed mortgages, 4.48 percent (4.91% APR) for 15-year fixed mortgages and 4.12 percent (4.34% APR) for 5/1 adjustable rate mortgages (ARM).



On the same day, the lowest mortgage rates offered by lenders on the LendingTree network rose approximately one quarter of a point for both 30-year and 15-year mortgages and one-eighth of a point for 5/1 ARMS. Lowest mortgage rates were 4.875 percent (5.02% APR) for a 30-year fixed mortgage, 4.125 percent (4.37% APR) for a 15-year fixed mortgage and 3.25 percent (3.35% APR) for a 5/1 ARM.



“While the recent drop in the unemployment rate is considered good news, it will adversely affect borrowers as evidenced by the recent rise in bond yields,” said Cameron Findlay, LendingTree Chief Economist. “For borrowers, this is a double-edge sword. Improvement in the economy from reduced unemployment will translate into higher borrowing costs via higher rates as investors shed bonds caused by fear of inflation, eroding the fixed coupon payments from those investments. Homebuyers and homeowners who are able to refinance should take this into account as they plan their next steps.”



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 2/8/10


*Updated Quarterly


STATE


LOWEST MORTGAGE RATE


LOAN-TO-VALUE RATIO*


% WITH NEGATIVE EQUITY*


Alabama


4.75% (4.90% APR) á


67.1% á


10.5% á


Alaska


4.88% (5.08% APR) á


67%


8.9% â


Arizona


4.88% (5.02% APR) á


92.4% â


48.6% â


Arkansas


4.88% (5.00% APR) á


73.6% â


11.6% â


California


4.88% (5.01% APR) á


70.1% á


31.6% â


Colorado


4.88% (5.05% APR) á


72.1% á


19.6% â


Connecticut


4.75% (4.86% APR) á


58.2% á


11.9% â


Delaware


4.75% (4.86% APR) á


67.9% â


13.3% â


District of Columbia


4.75% (4.99% APR) á


58.6% â


15.2% â


Florida


4.75% (4.86% APR) á


88.7% â


45.5% â


Georgia


4.88% (5.02% APR) á


79.8% â


28% â


Hawaii


4.88% (5.08% APR) á


55.5% á


10.7%


Idaho


4.88% (5.02% APR) á


74.1% á


25.3% á


Illinois


4.88% (5.02% APR) á


70.6% â


19.4% â


Indiana


4.88% (5.07% APR) á


70%


11.3% á


Iowa


4.88% (5.08% APR) á


66.9% â


8.7% â


Kansas


4.88% (5.08% APR) á


70.6% á


11.1% á


Kentucky


4.75% (4.90% APR) á


68% á


8.9% á


Louisiana


4.88% (5.08% APR) á


N/A


22.5% â


Maine


4.88% (5.08% APR) á


N/A


22.5% â


Maryland


4.75% (4.99% APR) á


68.8% â


22% â


Massachusetts


4.88% (5.00% APR) á


60.3% á


14.9% â


Michigan


4.88% (5.00% APR) á


85.5% â


37.6% â


Minnesota


4.75% (4.86% APR) á


65.5% á


16.2% â


Mississippi


4.88% (5.08% APR) á


N/A


22.5% â


Missouri


4.88% (5.02% APR) á


71.5% á


15.7% á


Montana


4.88% (4.96% APR) á


60.1% á


7.7%


Nebraska


4.88% (5.08% APR) á


73.1% á


9.6% á


Nevada


4.88% (5.02% APR) á


118.7% â


66.5% â


New Hampshire


4.75% (4.87% APR) á


69%


17.7% â


New Jersey


4.75% (4.84% APR) á


61.3% á


15.2% â


New Mexico


4.88% (5.03% APR) á


66.4% á


12.6% á


New York


4.88% (4.98% APR) á


49.8% â


7% â


North Carolina


4.88% (5.02% APR) á


70.3% á


10.5% á


North Dakota


4.88% (5.08% APR) á


59.9% â


7.4%


Ohio


4.88% (5.08% APR) á


74.7% á


20% á


Oklahoma


4.75% (4.87% APR) —


70.7% á


6.0% á


Oregon