Mortgage Rates - New Data Shows Mortgage Rates Increasing Again

The latest mortgage rate data released by LendingTree, LLC through their Weekly Mortgage Rate Pulse indicate that mortgage rates may be on their way back up after the recent record lows. The average rate offered by lenders within the LendingTree network of lenders this week for 30-year fixed mortgages was 4.32% (which works out to 4.55% APR), the average rate being offered for 15-year fixed mortgages was 3.80% (which works out to 4.11% APR), and the average rate being offered for 5/1 Adjustable Rate Mortgages (ARMs) was 3.34% (which works out to 3.57%APR).

Data regarding the lowest rates available through the LendingTree network of lenders this week indicate that the lowest rate available for a 30 year fixed mortgage was 3.88% (which works out to 4.01% APR), the lowest rate available for 15 year mortgages was 3.25% (which works out to 3.49% APR), and the lowest rate available for 5/1 ARMs was 2.75% (which works out to 3.12% APR).

Cameron Findlay, the Chief Economist at LendingTree, LLC issued the following comment regarding the latest figures: “Yesterday’s S&P/Case-Shiller U.S. National Home Price Index numbers showed a decline of 0.2% from July to August. After seeing home prices decline 19% from the peak in June 2006, the New York market has started to rebound back to their February 2009 levels. This decline and subsequent slow recovery look very much like the results for all 20 regions combined indicating that the New York market is acting as a proxy for any changes we might see in the broader market. Yet, despite this news, we expect further price erosion between 4-6% in the next 12 months.”