LendingTree Applauds Program Changes for HARP 2.0
With rates hovering near record lows, underwater homeowners could find relief with the new refinance program
CHARLOTTE, NC – October 26, 2011 – (RealEstateRama) — Average mortgage rates have dipped 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.
On October 18, average home loan rates offered by LendingTree network lenders were 4.48% (4.66% APR) for 30-year fixed mortgages, 3.88% (4.15% APR) for 15-year fixed mortgages and 3.49% (3.66% APR) for 5/1 adjustable rate mortgages (ARM), marking a dip in both 30-year and 15-year fixed rates.
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, 3.25 percent (3.47% APR) for a 15-year fixed mortgage and 2.50 percent (3.03%APR) for a 5/1 ARM.
“While the new HARP changes may not have a large impact on the mortgage market as a whole, we are excited to see the government taking steps that will help a percentage of those with underwater mortgages,” said Doug Lebda, Chairman and CEO of Lending Tree. “The program adjustments will allow underwater borrowers who are current on their mortgage payments refinance into lower rates and shorter-term loans. With mortgage rates continuing to be near record lows, LendingTree encourages any action that helps those seeking mortgage relief by making refinancing a more realistic option.”
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.
|
STATE-BY-STATE MORTGAGE DATA 10/26/11 *Updated Quarterly |
|||
|
STATE |
LOWEST MORTGAGE RATE |
LOAN-TO-VALUE RATIO* |
NEGATIVE EQUITY* |
|
US Average |
3.75% (3.88% APR) ? |
69.8% |
33.5% |
|
Alabama |
3.75% (3.89% APR) – |
68.0% |
29.5% |
|
Alaska |
3.88% (4.00% 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 |
3.75% (3.85% APR) – |
87.8% |
38.9% |
|
Georgia |
3.75% (3.88% APR) – |
80.9% |
26.5% |
|
Hawaii |
4.00% (4.12% APR) ? |
53.9% |
27.0% |
|
Idaho |
3.80% (3.93% 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 |
3.88% (4.00% 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 ratesor for state specific mortgage rates, please visithttp://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.
Contact:
Glenn Mandel
Spark PR
704-321-0351
