Mortgage Rates - Latest Report Shows Decrease In Average Mortgage Rates

The latest Weekly Mortgage Rate Pulse from the LendingTree.com indicates that average mortgage rates have dropped following the recent decision made by the Federal Reserve, as was predicted by many experts. The average rates currently being offered by lenders within the LendingTree network of lenders are 4.34% for 30-year fixed mortgages, which works out to 4.56% APR, 3.72% for 15-year fixed mortgages, which works out to 4.05% APR, and 3.24% for 5/1 Adjustable Rate Mortgages (ARMs), which works out to 3.53% APR.

The lowest home loan rates currently being offered by lenders within the LendingTree network of lenders are 3.75% for a 30-year fixed mortgage, which works out to 3.94% APR, 3.25% for a 15-year fixed mortgage, which works out to 3.49% APR, and 2.625% for a 5/1 ARM, which works out to 3.13% APR.

Cameron Findlay, the Chief Economist at LendingTree.com issued the following statement regarding the figures in the latest Weekly Mortgage Rate Pulse: “As expected, the Federal Reserve’s decision to pursue quantitative easing has driven mortgage rates down this week. However, the current coupon spread has widened since April from 113 basis points to more than 170 basis points, a 50 percent increase. With spreads this wide, lenders have more flexibility in pricing mortgage rates so borrowers should make sure to shop around to ensure they’re receiving a competitive rate before locking it in.”