LendingTree.com Weekly Mortgage Rate Pulse Reveals Average Rates Fall to 4.45 Percent

^{Published on 2010-08-25 09:00:29 - Market Wire}
 

LendingTree.com Weekly Mortgage Rate Pulse Reveals Average Rates Fall to 4.45 Percent -- CHARLOTTE, N.C., Aug. 25 /PRNewswire/ --

Focus on Loan Eligibility Could Spur Housing Market

CHARLOTTE, N.C., Aug. 25 /PRNewswire/ -- Average mortgage rates fell 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 24, lenders on the LendingTree network offered [ mortgage rates ] as low as 4.0 percent (4.13% APR) for a 30-year fixed mortgage, 3.5 percent (3.74% APR) for a 15-year fixed mortgage and 2.75 percent (3.43% APR) for a 5/1 adjustable rate mortgage (ARM). Rates for 30-year and 15-year home loans remained flat week-over-week, while rates for 5/1 ARMs fell one eighth of a point.

Average [ home loan rates ] offered by lenders on the LendingTree network dropped from last week's lows to 4.45 percent (4.66% APR) for 30-year fixed mortgages, 4.01 percent (4.33% APR) for 15-year fixed mortgages and 3.43 percent (3.65% APR) for 5/1 ARMs.

"As mortgage pipelines are choking with volume given strict underwriting and processing demands, treasury yields are falling faster than mortgage rates," said Cameron Findlay, Chief Economist of LendingTree.com. "Unless we see some signs of significant market stability, which is unlikely based on NAR's weak July existing home sales numbers, it is likely the government's next move will focus on eligibility rather than rate control, encouraging refinancing in the near term and spurring consumer spending to avert further home price erosion."

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.

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

The LendingTree Weekly [ Mortgage Rate ] Pulse will be published every Wednesday. Home loan 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

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