Mortgage Rates - Slight Rise In Average Rates Revealed In Latest Data

The latest mortgage rate figures released by the LendingTree in their weekly Mortgage Rate Pulse indicates that average mortgage rates offered by lenders within the LendingTree network of lenders increased slightly over the course of this week. The average rate for 30-year fixed mortgages was 4.64%, which works out to 4.88% APR, the average rate for 15-year fixed mortgages was 4.03%, which works out to 4.38% APR, and the average rates for 5/1 Adjustable Rate Mortgages (ARMs) was 3.52%, which works out to 3.80% APR.

With regards to the lowest rates on offer by lenders within the LendingTree network of lenders, the lowest rates available for a 30-year fixed mortgage was 4.125%, which works out to 4.32% APR, the lowest rates available for a 15-year fixed mortgage was 3.50%, which works out to 3.74% APR, and the lowest rates available for a 5/1 ARM was 2.875%, which works out to 3.17% APR.

Cameron Findlay, the Chief Economist at LendingTree, issued the following statement regarding these latest figures: “The recent increase in mortgage rates is being driven by fear over inflation. There is a significant debate currently taking place that challenges the Fed’s decision to adopt additional quantitative easing, that’s placing pressure on the Fed to boost growth and avoid deflation, while at the same time not over-stimulating the economy. It’s a delicate balance. Despite the recent increase, rates remain 0.30% below the 2010 average and are lower than we will likely see again in our generation.”