March 25, 2011
Average mortgage rates held steady week-over-week according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average home loan rates offered by lenders on the LendingTree network.
On March 22, average home loan rates offered by LendingTree network lenders were 5.02 percent (5.22 percent APR) for 30-year fixed mortgages, 4.15 percent (4.46 percent APR) for 15-year fixed mortgages and 3.63 percent (3.78 percent APR) for 5/1 adjustable rate mortgages (ARM).
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.50 percent (4.70 percent APR) for a 30-year fixed mortgage, 3.75 percent (3.99 percent APR) for a 15-year fixed mortgage and 3.00 percent (3.26 percent APR) for a 5/1 ARM.
“Declines in existing and new home sales announced this week indicate that the housing market is still in intensive care,” says Cameron Findlay, LendingTree Chief Economist. “Low mortgage rates are offering some relief but home sales volume, home prices and unemployment are a continued drag on housing’s recovery. The latest data on average loan-to-value ratio by state and percent of homeowners with negative equity highlights the concern that there is no panacea to the economy’s ailments.”