LendingTree Weekly Mortgage Rate Pulse Reports that Fed Holding Rate Near Zero and Global Market Volatility Contribute to Decline in Mortgage Rates
Treasury Yields and mortgage rates fall in response to recent European debt crisis development and today’s Fed announcement
CHARLOTTE, NC – November 2, 2011 – (RealEstateRama) — Average mortgage rates decreased across the board 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.
On November 1, average home loan rates offered by LendingTree network lenders were 4.30% (4.58% APR) for 30-year fixed mortgages, 3.67% (4.13% APR) for 15-year fixed mortgages and 3.24% (3.66% APR) for 5/1 adjustable rate mortgages (ARM), marking an average decline of 20 basis points decline on average in all three loan programs.
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.
“With capital markets making the shift to safer investments, 10yr Treasury Yields have retracted back to their October 6th levels, and mortgage rates to borrowers have followed suit,” says Cameron Findlay, chief economist at LendingTree. “The European debt crisis has thrown the global markets in turmoil, causing uncertainty and market volatility. However, the silver lining is that mortgage rates have plunged and borrowers have a chance to realize significant savings. With the markets being this unpredictable on an international level, the recent dip in mortgage rates is likely to be temporary. Even with the Fed’s decision today on holding rates near zero, borrowers entering the home loan process should shop around with different lending institutions in order to lock-in the best deal before this opportunity passes. ”
Below is a snapshot of the lowest mortgage rates for 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 11/1/11 *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 |
3.88% (4.00% 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% |
For more information on current mortgage rates or for state specific mortgage rates, please visit http://www.lendingtree.com/mortgage-loans/rates/.
The LendingTree Weekly Mortgage Rate Pulse is published every Wednesday. Home loan rates above are reflective of actual rates offered to borrowers by lenders on the LendingTree network. Lowest rates shown reflect the payment of one discount point. Rates will vary based on the borrower’s loan details and credit profile. Visit www.lendingtree.com to learn more.
About LendingTree, LLC
LendingTree, LLC is the nation’s leading online lender exchange and personal finance resource, helping consumers take charge of all their financial decisions, from budgeting to money management to mortgages to credit cards and more. LendingTree provides a marketplace that connects consumers with multiple lenders that compete for their business, as well as an array of online tools to aid consumers in their financial decisions. Since inception, LendingTree has facilitated more than 28 million loan requests and $214 billion in closed loan transactions. LendingTree provides access to lenders offering mortgages and refinance loans, home equity loans/lines of credit, and more.LendingTree, LLC is a subsidiary of Tree.com, Inc. (NASDAQ: TREE). For more information go to www.lendingtree.com, dial 800-555-TREE , join our Facebook page and/or follow us on Twitter @LendingTree.
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