RISMedia, June 10, 2011—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 June 7, average home loan rates offered by LendingTree network lenders were 4.71 percent (4.95 percent APR) for 30-year fixed mortgages, 3.99 percent (4.37 percent APR) for 15-year fixed mortgages and 3.27 percent (3.47 percent APR) for 5/1 adjustable rate mortgages (ARM). Rates for all loan types fell week-over-week, with 30 and 15-year fixed mortgage rates reaching their lowest levels in over six months. The last time rates for these loan types were this low was in November 2010.
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.375 percent (4.51 percent APR) for a 30-year fixed mortgage, 3.375 percent (3.61 percent APR) for a 15-year fixed mortgage and 2.75 percent (3.12 percent APR) for a 5/1 ARM. Rates for 30-year and 5/1 mortgages were flat week-over-week, while 15-year fixed rates fell one-eighth of a point.
“Mortgage rates are continuing their nose dive, now hitting the lowest level we’ve seen in over six months,” says Cameron Findlay, Chief Economist of LendingTree.com. “While low mortgage rates are important for the housing market recovery, the ability of borrowers to qualify and take advantage of these rates is of equal importance. The federal definition of a Qualified Residential Mortgage (QRM) has the potential to severely limit the number of borrowers who can qualify for a mortgage, thus further depressing the housing market and pushing out the recovery timeline by years.“
For more information on current mortgage rates or for state specific 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.