Mortgage Rates – Latest Data Shows Decrease In Average Rates

Mortgage Rates - Latest Data Shows Decrease In Average Rates

According to the latest data released by LendingTree, LLC, in their LendingTree Weekly Mortgage Rate Pulse, the average mortgage rates offered by lenders within the LendingTree network have reduced slightly this week. The latest figures for the average 30-year fixed mortgages were 4.39 percent, which works out to 4.6 percent APR, the average rate for 15-year fixed mortgages was 3.86 percent, which works out to 4.17 percent APR, whilst the average rate for 5/1 Adjustable Rate Mortgages (ARMs) was 3.39 percent, which works out to 3.66 percent APR.

With respect to figures for the lowest rates available from lenders within the LendingTree network this week, the lowest rate available for a 30-year fixed mortgage was 3.875 percent, which works out to 4.01 percent APR, the lowest rate available for 15-year fixed mortgages was 3.25 percent, which works out to 3.58 percent APR, and the lowest rate available for 5/1 ARMs was 2.75 percent, which works out to 3.37 percent APR.

Cameron Findlay, the Chief Economist of LendingTree.com, commented on the figures in the latest LendingTree Weekly Mortgage Rate Pulse: “Since the end of August when Federal Reserve Chairman Ben Bernanke said the U.S. central bank would ‘do all that it can’ to ensure a continuation of economic recovery, mortgage rates have lacked any clear direction. Rates are not simply just declining anymore as they have been since April, but rather the magnitude of change from day-to-day has been pronounced. For example, the average rate last Friday, September 24, was up 18 basis points from Thursday’s average rate.”