LendingTree.com Weekly Mortgage Rate Pulse Reports Rates Remain at Record Lows

^{Published on 2010-08-11 11:30:25 - Market Wire}
 

LendingTree.com Weekly Mortgage Rate Pulse Reports Rates Remain at Record Lows -- CHARLOTTE, N.C., Aug. 11 /PRNewswire/ --

Rates Expected to Go Through Volatile Period as Federal Reserve Discusses Risk of Deflation

CHARLOTTE, N.C., Aug. 11 /PRNewswire/ -- Mortgage rates remained flat 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 August 10, lenders on the LendingTree network offered [ mortgage rates ] as low as 4.125 percent (4.26% APR) for a [ 30-year fixed mortgage ], 3.625 percent (3.86% APR) for a 15-year fixed mortgage and 3.00 percent (3.45% APR) for a 5/1 adjustable rate mortgage (ARM). Rates for all product types remained flat week-over-week.

Average rates offered by lenders on the LendingTree network were 4.50 percent (4.69% APR) for 30-year fixed mortgages, 4.07 percent (4.39% APR) for 15-year fixed mortgages and 3.45 percent (3.70% APR) for 5/1 ARMs. Rates for 30-year fixed mortgages and 5/1 ARMs dropped week-over-week while rates for 15-year fixed mortgages increased two basis points.

"With consumer spending weaker than expected in June, the Federal Reserve is discussing the risk of deflation," said Cameron Findlay, Chief Economist of LendingTree.com.  "The risks to deflation are perceived as a greater threat than inflation given the difficulty in reversing falling prices, so the Fed will likely use monetary tools like quantitative easing to create inflation, resulting in a more volatile rate environment for borrowers in the coming months."

Below is a state-by-state comparison with week-over-week indicators 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.

Additional [ refinance mortgage rate ] information is available at [ http://www.lendingtree.com/mortgage-loans/rates/ ].

The LendingTree Weekly [ Mortgage Rate ] Pulse will be published every Wednesday. Rates above are reflective of actual rates offered to borrowers by lenders on the LendingTree network. Lowest rates shown reflect the payment of one discount point. Rates will vary based on the borrower's loan details and credit profile. Visit [ www.lendingtree.com ] to learn more.

About LendingTree, LLC

LendingTree, LLC is the nation's leading online lender exchange and personal finance resource, helping consumers take charge of all their financial decisions, from budgeting to money management to mortgages to credit cards and more. LendingTree provides a marketplace that connects consumers with multiple lenders that compete for their business, as well as an array of online tools to aid consumers in their financial decisions. Since inception, LendingTree has facilitated more than 27 million loan requests and $207 billion in closed loan transactions. LendingTree provides access to lenders offering [ mortgages ] and [ refinance loans ], [ home equity loans/lines of credit ], and more. LendingTree, LLC is a subsidiary of Tree.com, Inc. (Nasdaq: TREE). For more information go to [ www.lendingtree.com ] or 800-555-TREE.

SOURCE LendingTree, LLC

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