August 30th, 2010 9:11 AM

Weekly Mortgage Rate Report: Rates Fall to New Lows

RISMEDIA, August 19, 2010—Mortgage rates fell to new lows this week, according to a snapshot of the lowest and average mortgage rates available within a leading network of lenders.

On August 17, lenders offered mortgage rates as low as 4.00 percent (4.13% APR) for a 30-year fixed mortgage, 3.5 percent (3.85% APR) for a 15-year fixed mortgage and 2.875 percent (3.41% APR) for a 5/1 adjustable rate mortgage (ARM). Rates fell one eighth of a point week-over-week for all product types.

Average home loan rates offered by lenders were 4.52 percent (4.70% APR) for 30-year fixed mortgages, 4.14 percent (4.43% APR) for 15-year fixed mortgages and 3.48 percent (3.72% APR) for 5/1 ARMs.

“The current rate spread has widened to 108 basis points or 1.08%, approaching the high of 111 basis points we reached at the end of July,” said Cameron Findlay, Chief Economist for a national lending institution, “For perspective, the median spread this year has been 74 basis points. So consumers in the market for a home loan should really be doing their homework to ensure they’re getting the best possible deal before locking in a rate. Spreads this wide provide an opportunity for borrowers to take control.

Below is a state-by-state comparison of mortgage data including a snapshot of the lowest 30-year fixed rates based pm  average loan-to-value ratio and percentage of consumers with negative equity.

STATE-BY-STATE MORTGAGE DATA
LOWEST MORTGAGE LOAN-TO- % WITH NEGATIVE
STATE RATE VALUE RATIO EQUITY

Alabama 3.88% (3.99% APR) 65% 8.6%
Alaska 3.88% (4.01% APR) 67% 9.3%
Arizona 3.88% (3.99% APR) 95% 51.3%
Arkansas 4.00% (4.13% APR) 74% 12.6%
California 3.88% (3.99% APR) 72% 35.1%
Colorado 3.88% (4.01% APR) 72% 20.2%
Connecticut 3.88% (4.01% APR) 58% 11.6%
Delaware 4.00% (4.11% APR) 69% 14.3%
District of Columbia 3.88% (4.10% APR) N/A N/A
Florida 3.88% (4.01% APR) 91% 47.8%
Georgia 3.88% (4.01% APR) 80% 27.8%
Hawaii 4.00% (4.12% APR) 53% 9.3%
Idaho 3.88 % (4.01% APR) 72% 22.7%
Illinois 3.88% (3.99% APR) 72% 20.9%
Indiana 3.88% (4.01% APR) 69% 10.7%
Iowa 4.00% (4.13% APR) 66% 8.9%
Kansas 4.00% (4.14% APR) 70% 10.7%
Kentucky 3.88% (4.05% APR) 67% 9.0%
Louisiana 4.00% (4.13% APR) N/A 23.8%
Maine 3.88% (3.99% APR) N/A 23.8%
Maryland 3.88% (4.10% APR) 69% 22.9%
Massachusetts 4.00% (4.12% APR) 61% 15.8%
Michigan 3.88% (3.99% APR) 85% 38.5%
Minnesota 3.88% (3.99% APR) 65% 16.6%
Mississippi 4.00% (4.20% APR) N/A 23.8%
Missouri 4.00% (4.12% APR) 71% 15.5%
Montana 4.00% (4.13% APR) 57% 6.9%
Nebraska 4.00% (4.20% APR) 72% 8.8%
Nevada 4.00% (4.14% APR) 123% 69.9%
New Hampshire 3.88% (4.01% APR) 69% 19.1%
New Jersey 3.88% (4.03% APR) 62% 16.1%
New Mexico 3.88% (4.01% APR) 66% 12.3%
New York 3.88% (4.03% APR) 49% 6.3%
North Carolina 4.00% (4.13% APR) 70% 10.2%
North Dakota 4.00% (4.13% APR) 60% 7.6%
Ohio 3.88% (4.01% APR) 75% 19.8%
Oklahoma 3.88% (3.99% APR) 70% 6.0%
Oregon 3.88% (4.01% APR) 68% 15.9%
Pennsylvania 3.88 % (3.98% APR) 62% 7.5%
Rhode Island 4.13% (4.26% APR) 55% 16.8%
South Carolina 4.00% (4.12% APR) 70% 13.5%
South Dakota 3.88% (3.99% APR) N/A 23.8%
Tennessee 4.00% (4.12% APR) 71% 13.9%
Texas 3.88% (3.99% APR) 70% 11.9%
Utah 3.88% (4.01% APR) 73% 21.1%
Vermont 4.00% (4.14% APR) N/A 23.8%
Virginia 3.88% (4.01% APR) 72% 24.3%
Washington 3.88% (4.01% APR) 67% 15.9%
West Virginia 4.00% (4.13% APR) N/A 23.8%
Wisconsin 4.00% (4.13% APR) 68% 14.7%
Wyoming 3.88% (4.01% APR) N/A 23.8%

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