LendingTree.com Weekly Mortgage Rate Pulse Reports Mortgage Rates Rise

CHARLOTTE, NC (September 15, 2010)  – Average mortgage rates rose 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 14, 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 2.875 percent (3.46% APR) for a 5/1 adjustable rate mortgage (ARM).  

Average home loan rates offered by lenders on the LendingTree network rose week-over-week to 4.49 percent (4.69% APR) for 30-year fixed mortgages, 3.91 percent (4.23% APR) for 15-year fixed mortgages and 3.53 percent (3.83% APR) for 5/1 ARMs.

“Sixty-three percent of homeowners currently have a mortgage rate above 5.4%, said Cameron Findlay, Chief Economist of LendingTree.com.”Refinancing at 4% could save them $210 a month on a $250,000 loan, but qualification remains challenging. Borrowers should make sure expectations regarding the processing of their loan are clearly identified so they don’t risk losing their locked interest rate.”

LendingTree.com offers free mortgage 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 similar consumers. In just a few quick steps, Look Before You Lock lets borrowers know whether they should jump on their mortgage 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.