LendingTree.com Weekly Mortgage Rate Pulse Reports Average Rates Continue to Climb
CHARLOTTE, NC (September 22, 2010) – Average mortgage rates rose slightly 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.
On September 21, lenders on the LendingTree network offered mortgage rates as low as 3.875 percent (4.06% APR) for a 30-year fixed mortgage, 3.375 percent (3.61% APR) for a 15-year fixed mortgage and 3.75 percent (3.42% APR) for a 5/1 adjustable rate mortgage (ARM). Lowest rates remained flat for 30 and 15 year home loans, while 5/1 ARMs dropped one-eighth of a point.
Average home loan rates offered by lenders on the LendingTree network rose week-over-week to 4.63 percent (4.83% APR) for 30-year fixed mortgages, 4.13 percent (4.41% APR) for 15-year fixed mortgages and 3.6 percent (3.79% APR) for 5/1 ARMs.
“With the past week’s trend towards rising rates, it’s a good opportunity to take a look at market spreads,” said Cameron Findlay, Chief Economist of LendingTree.com. “Spreads have widened, meaning rates – although currently low – could afford to go lower, but remain relatively high due to the volume of applications hitting the market. This translates to rates being disproportionate between lenders, for example, lender [a] offering a rate of 4.25% and lender [b] 5.00%.”
LendingTree.com offers free tools to help consumers navigate the purchase and refinancing process, like Look Before You Lock, which allows borrowers to determine whether the rate they’ve been offered is comparable to offers received by consumers with similar loan profiles. In just a few quick steps, Look Before You Lock lets homebuyers know whether they should jump on their rate, or continue looking.
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% (3.99% APR) ―
3.88% (4.01% APR) ―
3.88% (4.06% APR) ↑
3.88% (4.01% APR) ―