Survey: Mississippi has lowest mortgage rate in U.S.
by Wally Northway
Published: January 13,2011
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.”
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Alumni-couple donate $12.3M to Mississippi State
- IKE TROTTER: There are primary changes in Social Security for 2014
- MAN OF STEEL: Madhu Ranade leading Severstal Columbus
- Town given Obamacare insurance break, but faces additional costs in 2015
- Expert on airlines predicts Jackson-Evers will keep remaining carriers
- TRIP releases report on state's crumbling roads, bridges
- Butler Snow Advisory Services adds Jimmy Bailey
- C Spire launches next phase of 1-gig service rollout
- MDA to lead delegation on mission to Europe
- Public meeting called to mull future of convention center