Mortgage Rates – New Figures Reveal Drop In Average Rates

Mortgage Rates

The latest mortgage rates released by LendingTree LLC in their Weekly Mortgage Rate Pulse published every Wednesday indicated that average mortgage rates fell last week. The figures released show that it was now possible to obtain loans from lenders in their network for rates as low as 4 percent for a 30-year fixed mortgage, 3.5 percent for a 15-year fixed mortgage and just 2.75 percent for a 5/1 adjustable rate mortgage (ARM), which correspond to annual percentages rates (APR’s) of 4.13 percent for 30-year fixed mortgages, 3.74 percent for 15-year fixed mortgages and 3.43 percent for a 5/1 ARMs.

According to other figures in the Weekly Mortgage Rate Pulse, the average home loan rates offered through the LendingTree network were 4.45 percent (4.66 percent APR) for 30-year fixed mortgages, 4.01 percent (4.33 percent APR) for 15-year fixed mortgages and 3.43 percent (3.65 percent APR) for 5/1 ARMs.

Cameron Findlay, the Chief Economist of LendingTree.com commented on the latest figures: “As mortgage pipelines are choking with volume given strict underwriting and processing demands, treasury yields are falling faster than mortgage rates. 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.”