LendingTree.com Weekly Mortgage Rate Pulse Reports Average Rates Rise Slightly

^{Published on 2010-09-08 11:46:14 - Market Wire}
 

LendingTree.com Weekly Mortgage Rate Pulse Reports Average Rates Rise Slightly -- CHARLOTTE, N.C., Sept. 8 /PRNewswire/ --

Borrowers Can Expect Greater Pricing Disparity Between Lenders

CHARLOTTE, N.C., Sept. 8/PRNewswire/ -- Average mortgage rates rose slightly 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 7, lenders on the LendingTree network offered [ mortgage rates ] as low as 4.0 percent (4.13% APR) for a 30-year fixed mortgage, 3.375 percent (3.61% APR) for a 15-year fixed mortgage and 2.875 percent (3.41% APR) for a 5/1 adjustable rate mortgage (ARM). The lowest offered rates for 30 and 15-year home loans remained flat week-over-week, while 5/1 ARM rates fell one eighth of a point.

Average [ home loan rates ] offered by lenders on the LendingTree network rose slightly week-over-week to 4.44 percent (4.64% APR) for 30-year fixed mortgages, 3.87 percent (4.33% APR) for 15-year fixed mortgages and 3.43 percent (3.65% APR) for 5/1 ARMs.

"Last week's unemployment data showed a decline of 54,000 jobs, which, despite the negative result, beat expectations," said Cameron Findlay, Chief Economist of LendingTree.com. "Borrowers can expect to see greater pricing disparity between lenders during times like this as pipelines remain backed up and mortgage originators hold rates higher to stem the number of refinance applications. This creates a fluid rate environment, making it critical for borrowers to do their homework to ensure they're obtaining a competitive rate."

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, LLC

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