ACROSS MISSISSIPPI — Average mortgage rates fell week-over-week, but the decrease is expected to be short-lived, according to the LendingTree Weekly Mortgage Rate Pulse, a snapshot of the lowest and average home loan rates available within the LendingTree network of lenders.
On Jan. 11, average home loan rates offered by LendingTree network lenders were 4.97 percent (5.22 percent APR) for 30-year fixed mortgages, down from last week’s average rates of 5.01 percent (5.22 percent APR).
According to LendingTree, Mississippi’s 30-year fixed mortgage rate as of yesterday was 4.38 percent, the lowest in the nation. Other states found to have a rate of 4.38 percent were Connecticut, Delaware, Florida, Georgia, Kansas, Kentucky, Louisiana, Maryland, Minnesota, Missouri, New Jersey, New York, North Carolina, Pennsylvania, Tennessee, Vermont and Virginia.
Mississippi’s APR was 4.57 percent, the fourth-lowest rate in the U.S. Seven state had the lowest APR at 4.8 percent (Connecticut, Delaware, Minnesota, New Jersey, New York, Pennsylvania and Virginia, while the APR in Florida and Georgia was 4.51 percent and 4.52 percent, respectvely.
“The party is over when it comes to record-low mortgage rates,” said Cameron Findlay, LendingTree chief economist. “Fannie Mae recently announced some key changes that are expected to cause mortgage rates to rise — loan-level price adjustments and adverse market delivery charges. To the average consumer, this may sound like a lot of industry jargon, but these changes are going to translate into real cost to borrowers in the upcoming weeks.
“The Fannie Mae changes will go into effect on April 1, but borrowers will likely see an impact in rates by Feb. 1.”