LendingTree Weekly Mortgage Rate Pulse Reports Lowest 30-Year Fixed Rate Stable at 4.25%

CHARLOTTE, NC (July 7, 2010) – Mortgage rates offered by lenders on the LendingTree network held steady at record lows this week, according to the company’s Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders.

On July 6, lenders on the LendingTree network offered mortgage rates as low as 4.25 percent (4.45% APR) for a 30-year fixed mortgage, 3.75 percent (3.99% APR) for a 15-year fixed mortgage and 3.125 percent (3.5% APR) for a 5/1 adjustable rate mortgage (ARM). Rates for each loan type remained flat week over week.

Average rates offered by lenders on the LendingTree network this week were 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.

“The variance in rates offered by different lenders has widened to 0.94%. That’s up 59 basis points from just two weeks ago,” said Cameron Findlay, Chief Economist of LendingTree.com.  “On a $200,000 loan, this spread is costing borrowers $109 per month in additional mortgage payments. Clearly, mortgage originators have a lot of room to negotiate on price, so if consumers are considering purchasing or refinancing, this is proof of why competition provided by LendingTree is important, even in a low rate environment.”

LendingTree simplifies the loan shopping process by allowing consumers to compare multiple offers from up to five lenders, providing peace of mind by ensuring they’re receiving the lowest rate and the best terms.

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.