Home sales are up, but survey data shows home buyers aren’t shopping for loans

Average mortgage rates fell 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 April 20, average home loan rates offered by LendingTree network lenders were 5.00% (5.21% APR) for 30-year fixed mortgages, 4.20% (4.54% APR) for 15-year fixed mortgages and 3.6% (3.73% APR) for 5/1 adjustable rate mortgages (ARM). Rates for all loan types fell week over week.

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network fell to 4.625 percent (4.82% APR) for a 30-year fixed mortgage, 3.75 percent (3.99% APR) for a 15-year fixed mortgage and 3.00 percent (3.21% APR) for a 5/1 ARM.

“The rise in existing home sales announced today indicates that home buying season is in full swing,” said Mona Marimow, Senior Vice President of LendingTree.com. “Home buyers around the country are shopping for their perfect home, comparing everything from lot size to layout of different properties. But many home buyers won’t use nearly the same diligence when shopping for their mortgage. A recent LendingTree survey found that nearly 40% of consumers obtain just one home loan quote, meaning they could be missing an opportunity to obtain a lower rate or better terms.”

LendingTree makes it easy to shop for and compare mortgage options within minutes. Consumers can fill out one simple form and receive multiple loan offers from up to five lenders, providing peace of mind that they’re receiving the most competitive rate and terms. Plus, with the innovative Look Before You Lock tool, consumers can determine if their current loan offer is a good deal by comparing it to offers received by similar LendingTree customers.

The following housing market data shows a snapshot of the lowest 30-year mortgage rates 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 4/19/11

*Updated Quarterly

STATE LOWEST MORTGAGE RATE LOAN-TO-VALUE RATIO* % WITH NEGATIVE EQUITY*
US Average 4.63% (4.82% APR) 70.2% 35.0%
Alabama 4.50% (4.62% APR) 67.0% 28.9%
Alaska 4.63% (4.82% APR) 66.3% 17.3%
Arizona 4.50% (4.62% APR) 94.6% 39.4%
Arkansas 4.50% (4.62% APR) 72.6% 43.9%
California 4.50% (4.62% APR) 70.6% 34.8%
Colorado 4.50% (4.70% APR) 71.9% 22.2%
Connecticut 4.50% (4.62% APR) 59.5% 43.3%
Delaware 4.50% (4.59% APR) 67.6% 50.3%
District of Columbia 4.50% (4.74% APR) 58.3% 25.5%
Florida 4.50% (4.59% APR) 90.8% 41.1%
Georgia 4.50% (4.70% APR) 80.9% 25.8%
Hawaii 4.63% (4.82% APR) 54.2% 25.4%
Idaho 4.63% (4.76% APR) 73.4% 29.8%
Illinois 4.50% (4.70% APR) 72.4% 31.7%
Indiana 4.63% (4.82% APR) 69.4% 28.5%
Iowa 4.63% (4.82% APR) 66.7% 42.9%
Kansas 4.63% (4.82% APR) 70.5% 31.8%
Kentucky 4.63% (4.82% APR) 67.6% 53.1%
Louisiana 4.63% (4.82% APR) 78.5% 75.5%
Maine 4.63% (4.82% APR) 58.6% 30.1%
Maryland 4.50% (4.74% APR) 70.4% 25.6%
Massachusetts 4.63% (4.82% APR) 60.7% 46.0%
Michigan 4.50% (4.64% APR) 84.3% 32.2%
Minnesota 4.63% (4.73% APR) 65.6% 22.2%
Mississippi 4.50% (4.70% APR) 78.4% 30.1%
Missouri 4.50% (4.62% APR) 71.6% 31.0%
Montana 4.63% (4.82% APR) 60.2% 33.4%
Nebraska 4.63% (4.82% APR) 72.3% 46.5%
Nevada 4.63% (4.82% APR) 118.0% 55.3%
New Hampshire 4.63% (4.75% APR) 69.8% 25.2%
New Jersey 4.50% (4.59% APR) 62.2% 29.0%
New Mexico 4.63% (4.78% APR) 66.4% 45.8%
New York 4.50% (4.61% APR) 50.1% 42.1%
North Carolina 4.63% (4.82% APR) 71.2% 33.2%
North Dakota 4.63% (4.82% APR) 60.1% 37.7%
Ohio 4.63% (4.75% APR) 75.4% 27.0%
Oklahoma 4.50% (4.62% APR) 71.0% 52.4%
Oregon 4.50% (4.70% APR) 69.6% 19.6%
Pennsylvania 4.50% (4.59% APR) 62.5% 75.7%
Rhode Island 4.63% (4.82% APR) 62.6% 36.6%
South Carolina 4.63% (4.77% APR) 71.0% 29.0%
South Dakota 4.50% (4.62% APR) N/A N/A
Tennessee 4.63% (4.82% APR) 71.2% 30.7%
Texas 4.50% (4.63% APR) 68.8% 30.6%
Utah 4.50% (4.70% APR) 73.7% 22.2%
Vermont 4.50% (4.70% APR) N/A N/A
Virginia 4.50% (4.74% APR) 71.7% 25.0%
Washington 4.63% (4.78% APR) 67.9% 21.4%
West Virginia 4.63% (4.82% APR) 67.0% 68.0%
Wisconsin 4.63% (4.82% APR) 68.3% 35.6%
Wyoming 4.50% (4.70% APR) 64.2% 23.0%

For more state-level housing market data, please contact Nicole Hall. Or, to compare 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.Ā 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.

MEDIA CONTACT:
Nicole Hall
(704) 943-8463
Nicole.hall@tree.com

http://www.lendingtree.com

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Filed under: Real Estate

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