LendingTree Weekly Mortgage Rate Pulse Reveals Average Rates Decline Week-Over-Week

CHARLOTTE, NC (November 24, 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 November 23, average home loan rates offered by LendingTree network lenders fell week-over-week to 4.55 percent (4.79% APR) for 30-year fixed mortgages, 3.95 percent (4.32% APR) for 15-year fixed mortgages and 3.47 percent (3.73% APR) for 5/1 adjustable rate mortgages (ARM).

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.25 percent (4.39% APR) for a 30-year fixed mortgage, 3.375 percent (3.61% APR) for a 15-year fixed mortgage and 2.63 percent (3.13% APR) for a 5/1 ARM.

“Freddie Mac (FHLMC) has introduced a new post-settlement delivery fee schedule that will take effect March 1, 2011,” said Cameron Findlay, LendingTree chief economist.  “Although FHLMC does not set rates to borrowers, any increase by FHLMC typically works its way back to borrowers as they’re passed on from lenders. The change is not significant but it’s an increase even for good credit borrowers.

Someone with a FICO score greater than 740 that expects to borrow more than 75% of the value of the property will pay 0.25% of the originated loan balance or roughly a 0.05% increase in rate. If your FICO drops to 659 you may pay as much as 3.00% in fees.”

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.