Weekly Mortgage Rate Pulse Reports Rising Mortgage Rates
Press release from the issuing company
Wednesday, November 16th, 2011
Average mortgage rates rose slightly week-over-week according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average mortgage rates offered by lenders on the LendingTree network.
OnNovember 15, averagemortgage ratesoffered by LendingTree network lenders were 4.43% (4.62% APR) for 30-year fixed mortgages, 3.76% (4.04% APR) for 15-year fixed mortgages and 3.49% (3.66% APR) for 5/1 adjustable rate mortgages (ARM), marking a slight increase across the board.
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 3.75 percent (3.88% APR) for a 30-year fixed mortgage, 3.00 percent (3.23% APR) for a 15-year fixed mortgage and 2.50 percent (3.03% APR) for a 5/1 ARM, unchanged week-over-week.
"For most of the year, the spread between 15-year fixed rate loans and 30-year fixed rate loans has been static, averaging between 0.70% and 0.90%," saysCameron Findlay, LendingTree chief economist. "From the end of August to the start of October, this gap has declined significantly as more borrowers took advantage of the fact that 15-year loans were declining at a faster pace than 30-year loans. The gap is about 0.60% today - still higher than the median spread of 0.42% over the past five years. Additionally, in accordance with the changes in HARP 2.0, loan level price adjustments will be eliminated for fixed-rates loans less than or equal to 20 years. This means that shorter term loans should still be seriously considered if the payments fit within the borrower's budget."
Below is a snapshot of thelowest home loan ratesfor 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.
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STATE-BY-STATE MORTGAGE DATA 11/15/11 *Updated Quarterly |
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STATE |
LOWEST MORTGAGE RATE |
LOAN-TO-VALUE RATIO * |
NEGATIVE EQUITY* |
|
|
US Average |
3.75% (3.88% APR) |
69.8% |
33.5% |
|
|
Alabama |
3.75% (3.88% APR) |
68.0% |
29.5% |
|
|
Alaska |
3.75% (3.88% APR) |
65.8% |
19.5% |
|
|
Arizona |
3.75% (3.88% APR) |
93.1% |
38.9% |
|
|
Arkansas |
3.75% (3.86% APR) |
72.3% |
43.0% |
|
|
California |
3.75% (3.88% APR) |
70.0% |
34.4% |
|
|
Colorado |
3.75% (3.88% APR) |
72.3% |
22.9% |
|
|
Connecticut |
3.75% (3.85% APR) |
60.2% |
43.4% |
|
|
Delaware |
3.75% (3.85% APR) |
67.3% |
38.8% |
|
|
District of Columbia |
3.75% (3.88% APR) |
58.6% |
26.8% |
|
|
Florida |
3.63% (3.73% APR) |
87.8% |
38.9% |
|
|
Georgia |
3.75% (3.88% APR) |
80.9% |
26.5% |
|
|
Hawaii |
3.75% (3.88% APR) |
53.9% |
27.0% |
|
|
Idaho |
3.75% (3.88% APR) |
71.7% |
30.3% |
|
|
Illinois |
3.75% (3.86% APR) |
72.4% |
32.3% |
|
|
Indiana |
3.75% (3.93% APR) |
69.4% |
28.4% |
|
|
Iowa |
3.75% (3.88% APR) |
67.3% |
44.2% |
|
|
Kansas |
3.75% (3.88% APR) |
70.3% |
32.2% |
|
|
Kentucky |
3.75% (3.89% APR) |
67.9% |
52.7% |
|
|
Louisiana |
3.75% (3.88% APR) |
75.2% |
82.4% |
|
|
Maine |
3.75% (3.86% APR) |
58.3% |
30.7% |
|
|
Maryland |
3.75% (3.84% APR) |
70.3% |
25.9% |
|
|
Massachusetts |
3.75% (3.86% APR) |
61.9% |
47.0% |
|
|
Michigan |
3.75% (3.88% APR) |
84.0% |
33.4% |
|
|
Minnesota |
3.75% (3.85% APR) |
66.8% |
22.7% |
|
|
Mississippi |
3.75% (3.87% APR) |
78.2% |
29.2% |
|
|
Missouri |
3.75% (3.88% APR) |
71.9% |
32.4% |
|
|
Montana |
3.75% (3.88% APR) |
60.3% |
33.9% |
|
|
Nebraska |
3.75% (3.88% APR) |
73.4% |
44.7% |
|
|
Nevada |
3.63% (3.75% APR) |
112.7% |
53.7% |
|
|
New Hampshire |
3.88% (3.99% APR) |
70.3% |
26.2% |
|
|
New Jersey |
3.75% (3.87% APR) |
62.8% |
29.9% |
|
|
New Mexico |
3.75% (3.88% APR) |
67.9% |
45.9% |
|
|
New York |
3.75% (3.85% APR) |
48.7% |
36.0% |
|
|
North Carolina |
3.75% (4.88% APR) |
71.6% |
32.4% |
|
|
North Dakota |
3.75% (3.88% APR) |
61.1% |
36.3% |
|
|
Ohio |
3.75% (3.86% APR) |
75.8% |
27.5% |
|
|
Oklahoma |
3.75% (3.86% APR) |
71.8% |
50.6% |
|
|
Oregon |
3.75% (3.88% APR) |
69.8% |
19.9% |
|
|
Pennsylvania |
3.75% (3.84% APR) |
61.1% |
42.0% |
|
|
Rhode Island |
3.75% (3.87% APR) |
63.7% |
38.7% |
|
|
South Carolina |
3.75% (3.86% APR) |
71.5% |
28.9% |
|
|
South Dakota |
3.75% (3.86% APR) |
N/A |
N/A |
|
|
Tennessee |
3.75% (3.89% APR) |
71.6% |
29.9% |
|
|
Texas |
3.75% (3.88% APR) |
68.1% |
31.6% |
|
|
Utah |
3.75% (3.88% APR) |
72.9% |
22.8% |
|
|
Vermont |
3.75% (3.88% APR) |
N/A |
N/A |
|
|
Virginia |
3.75% (3.85% APR) |
71.7% |
25.1% |
|
|
Washington |
3.75% (3.88% APR) |
68.3% |
21.7% |
|
|
West Virginia |
3.75% (3.85% APR) |
66.8% |
50.6% |
|
|
Wisconsin |
3.75% (3.85% APR) |
69.1% |
36.0% |
|
|
Wyoming |
3.75% (3.88% APR) |
63.1% |
24.2% |
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