Mortgage Rates Increase For Third Week In A Row - Latest Info

The latest Weekly Mortgage Rate Pulse released by LendingTree.com indicates that mortgage rates have increased again, making it the third week in a row that mortgage rates have increased. The latest figures for the average mortgage rates which are being offered through lenders in the LendingTree network of lenders are 4.37% for 30-year fixed mortgages, which works out to 4.60% APR, 3.76% for 15-year fixed mortgages, which works out to 4.11% APR and 3.28% for 5/1 Adjustable Rate Mortgages (ARMs), which works out to 3.59% APR. All of these rates are slightly higher than the rates recorded the previous week.

With regards to the lowest rates on offer from lenders in the LendingTree network of lenders, the lowest rate available for a 30-year fixed mortgage was 3.875%, which works out to 4.01% APR, the lowest rate available for a 15-year fixed mortgage was 3.25%, which works out to 3.49% APR, and the lowest rate of offer for a 5/1 ARM was 2.75%, which works out to 3.12% APR.

Cameron Findlay, the Chief Economist at LendingTree, issued the following statement regarding this Weekly Mortgage Rate Pulse: “In an effort to stimulate the economy, the Federal Reserve today announced its plan to buy an additional $600 billion and re-invest principal payments of between $250-$300 billion (total of $850-$900 billion) in U.S. government debt over the next eight months. This is good news for borrowers looking to purchase or refinance a home loan as it is expected to keep rates low. However, the long term erosion of the dollar is probably outweighing the benefit and may have long term negative consequences.”