Mortgage Rates - Latest Data Show Rates Dropped To Record Lows

The latest figures released by LendingTree, LLC, the leading online lender exchange and personal finance resource in the United States, indicated that average mortgage rates across the LendingTree network of lenders had dropped to new lows this week. These figures were outlined in their latest Weekly Mortgage Rate Pulse, which provides details of the lowest and average mortgage rates available within the LendingTree network of lenders.

According to the report, the average mortgage rates offered by LendingTree network lenders for 30-year fixed mortgages was 4.24%, which works out to 4.45% APR, the average rate for 15-year fixed mortgages was 3.68% which works out to 3.99% APR and the average rates offered for 5/1 Adjustable Rate Mortgages (ARMs) was 3.19%, which works out to 3.52% APR.

With regards to the lowest mortgage rates available from lenders in the LendingTree network of lenders, the lowest rate offered for 30-year fixed mortgages was 3.75%, which works out to 3.88% APR, the lowest rate offered for 15-year fixed mortgages was 3.25%, which works out to 3.49% APR, and the lowest rate offered for 5/1 ARMs was 2.63%, which works out to 3.08% APR.

Commenting on the latest figures, Cameron Findlay, the Chief Economist at LendingTree.com, issued the following statement: “Mortgage rates dipped to a new record low last Friday on 30-year fixed rate conforming loans, continuing to provide huge incentives for borrowers to seriously evaluate refinancing to reduce their monthly mortgage payment. If you took out a loan in January 2010, rates have since dropped from an average of 5.36% to 4.31%. Based on a $250,000 loan, that’s a monthly savings of $160.”