LendingTree Weekly Mortgage Rate Pulse Reports 30-Year Fixed Rates as Low as Four Percent
CHARLOTTE, NC (September 1, 2010) – Average mortgage rates fell to new lows this week, according to the LendingTree Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders.
Average home loan rates offered by lenders on the LendingTree network continued to fall. This week’s rates represent new lows with 4.38 percent (4.58% APR) for 30-year fixed mortgages, 3.86 percent (4.15% APR) for 15-year fixed mortgages and 3.41 percent (3.7% APR) for 5/1 ARMs.
“Gross domestic product second quarter forecast results showed the economy is growing at an annualized rate of 1.6%, less than last month’s 2.4% forecast,” said Cameron Findlay, Chief Economist of LendingTree.com. “This slowdown was attributed to a decline in housing and investment in business, suggesting consumer spending may follow suit. Despite 10-year treasury yields declining 0.50% in August, mortgage rates have only declined 0.22% on 30-year fixed loans, suggesting the influence of government support is starting to wane on driving mortgage costs for borrowers lower. This could potentially stall government efforts to stabilize home prices.”
Below is a state-by-state comparison of mortgage data including a snapshot of the lowest 30-year fixed rates offered by lenders on the LendingTree network, average loan-to-value ratio and percentage of consumers with negative equity.
STATE-BY-STATE MORTGAGE DATA
LOWEST MORTGAGE RATE
% WITH NEGATIVE EQUITY*
3.88% (4.01% APR) ↑
3.88% (4.01% APR) ―
3.88% (3.99% APR) ―
3.88% (4.01% APR) ↓
3.88% (4.00% APR) ↑