LendingTree.com Weekly Mortgage Rate Pulse Reports Falling Rates

CHARLOTTE, NC (September 29, 2010)  – Average mortgage rates dropped 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 28, average home loan rates offered by lenders on the LendingTree network fell week-over-week to 4.39 percent (4.6% APR) for 30-year fixed mortgages, 3.86 percent (4.17% APR) for 15-year fixed mortgages and 3.39 percent (3.66% APR) for 5/1 ARMs.

On the same day, mortgage rates offered by lenders on the LendingTree network were as low as 3.875 percent (4.01% APR) for a 30-year fixed mortgage, 3.25 percent (3.58% APR) for a 15-year fixed mortgage and 2.75 percent (3.37% APR) for a 5/1 adjustable rate mortgage (ARM). Rates fell one-eighth of a point for 15-year fixed home loans and remained flat for 30-year fixed loans and 5/1 ARMs.
“Since the end of August when Federal Reserve Chairman Ben Bernanke said the U.S. central bank would ‘do all that it can’ to ensure a continuation of economic recovery, mortgage rates have lacked any clear direction,” said Cameron Findlay, Chief Economist of LendingTree.com. “Rates are not simply just declining anymore as they have been since April, but rather the magnitude of change from day-to-day has been pronounced. For example, the average rate last Friday, September 24, was up 18 basis points from Thursday’s average rate.”

With such a volatile rate environment, it’s important for borrowers to do their homework before locking in a rate. 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. With its Mortgage RateFinder iPhone and Blackberry apps, users are able to obtain up to 30 different customized on-the-spot loan offers anonymously. Once a great offer is found, users can simply click to be contacted by that lender and move forward with the loan request.                                                                                                                                                            

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.