October 6, 2011 (Shirley Allen)
Interest rates on 30-year fixed rate mortgages continued to slide last week according to the data collected by LendingTree’s Weekly Mortgage Rate Pulse, while rates on 15-year fixed rate mortgages and ARMs remained stable.
Fixed Rate Mortgages as of October 3, 2011:
The average home loan rates offered for 30 year fixed rate mortgages was 4.23 percent (4.39% APR), which was down from 4.34 percent posted the previous week.
The lowest mortgage rate offered for a 30 year fixed rate mortgage was 3.50 percent (3.62% APR), which was unchanged from the week before.
The average home loan rates offered for 15 year fixed rate mortgages was 3.65 percent (3.84% APR), which remained unchanged from the previous week
The lowest mortgage rate offered for a 15 year fixed rate mortgage was 3.00 percent (3.23% APR), which was up from 2.875 the week before.
Adjustable Rate Mortgages as of October 3, 2011:
The average home loan rate offered for 5/1 adjustable rate mortgages was 3.22 percent (3.32% APR), which remained unchanged from last week.
The lowest mortgage rate offered for a 5/1 adjustable rate mortgage was 2.50 percent (3.03% APR), which was unchanged from the week before.
See how your state compares below by comparing mortgage data including a snapshot of the lowest 30-year fixed rates offered by lenders, average loan-to-value ratio and percentage of consumers with negative equity:
STATE-BY-STATE MORTGAGE DATA 10/3/11 *Updated Quarterly |
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STATE |
LOWEST MORTGAGE RATE |
LOAN-TO-VALUE RATIO* |
NEGATIVE EQUITY* |
US Average |
3.50% (3.62% APR) |
69.8% |
33.5% |
Alabama |
3.63% (3.75% APR) |
68.0% |
29.5% |
Alaska |
3.63% (3.75% APR) |
65.8% |
19.5% |
Arizona |
3.63% (3.75% 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 |
3.63% (3.75% APR) |
60.2% |
43.4% |
Delaware |
3.75% (3.85% APR) |
67.3% |
38.8% |
District of Columbia |
3.63% (3.75% APR) |
58.6% |
26.8% |
Florida |
3.63% (3.75% 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% (3.87% APR) |
72.4% |
32.3% |
Indiana |
3.50% (3.60% APR) |
69.4% |
28.4% |
Iowa |
3.75% (3.88% APR) |
67.3% |
44.2% |
Kansas |
3.75% (3.87% APR) |
70.3% |
32.2% |
Kentucky |
3.63% (3.75% 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 |
3.63% (3.75% APR) |
70.3% |
25.9% |
Massachusetts |
3.75% (3.88% APR) |
61.9% |
47.0% |
Michigan |
3.63% (3.75% APR) |
84.0% |
33.4% |
Minnesota |
3.75% (3.88% APR) |
66.8% |
22.7% |
Mississippi |
3.75% (3.87% APR) |
78.2% |
29.2% |
Missouri |
3.63% (3.75% 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 |
3.75% (3.86% 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 |
3.50% (3.62% APR) |
71.6% |
32.4% |
North Dakota |
3.75% (3.88% APR) |
61.1% |
36.3% |
Ohio |
3.63% (3.75% APR) |
75.8% |
27.5% |
Oklahoma |
3.75% (3.86% APR) |
71.8% |
50.6% |
Oregon |
3.75% (3.91% APR) |
69.8% |
19.9% |
Pennsylvania |
3.63% (3.75% APR) |
61.1% |
42.0% |
Rhode Island |
3.75% (3.87% APR) |
63.7% |
38.7% |
South Carolina |
3.63% (3.75% APR) |
71.5% |
28.9% |
South Dakota |
3.75% (3.86% APR) |
N/A |
N/A |
Tennessee |
3.63% (3.75% APR) |
71.6% |
29.9% |
Texas |
3.63% (3.75% APR) |
68.1% |
31.6% |
Utah |
3.75% (3.87% 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% |
Lowest mortgage interest rates shown reflect the payment of one discount point. Mortgage interest rates will vary based on the borrower’s loan details and credit profile.
Source: