LendingTree Weekly Mortgage Rate Pulse Reports Rates at Near 50-Year Lows
CHARLOTTE, NC (June 16, 2010) – LendingTree today launched its Weekly Mortgage Rate Pulse, providing a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders. On June 15, lenders on the LendingTree network offered rates as low as 4.375 percent (4.48% APR) for a 30-year fixed mortgage, 3.75 percent (3.93% APR) for a 15-year fixed mortgage and 3.25 percent (3.35% APR) for a 5/1 adjustable rate mortgage (ARM).
The overall average rate offered by lenders on the LendingTree network was 4.825 percent (5.03% APR) for 30-year fixed mortgages, 4.22 percent (4.47% APR) for 15-year fixed mortgages and 3.775 percent (3.90% APR) for 5/1 ARMs.
“The financial crisis in Europe is pushing mortgage rates to near 50-year lows, making it the perfect time for consumers to refinance,” said Cameron Findlay, Chief Economist of LendingTree.com. “Fifteen-year mortgages are a great option for those looking to save over the life of the loan. In fact, this week, LendingTree lenders are offering 15-year fixed mortgage rates of 3.75 percent – one of the lowest if not the lowest we’ve ever seen.”
According to a recent survey of LendingTree customers, 88% of consumers think rates and fees are very important when selecting a lender. With mortgage rates plummeting, consumers are advised to shop around to ensure they’re receiving the best possible rate. LendingTree makes shopping for the best mortgage rate easy by providing consumers with multiple loan offers from competing lenders within minutes.
The LendingTree Weekly Mortgage Rate Pulse will be published every Wednesday. 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. 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 27 million loan requests and $207 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 or 800-555-TREE.