Mortgage Rate Rates Drop to Lowest Levels on Record

7 October 2010

Mortgage Rate Rates Drop to Lowest Levels on Record

RISMEDIA

October 7, 2010

Average mortgage rates dropped to their lowest levels on record this week, according to the LendingTree Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders. On October 5, average home loan rates offered by LendingTree network lenders dropped week-over-week to 4.35 percent (4.56% APR) for 30-year fixed mortgages, 3.81 percent (4.13% APR) for 15-year fixed mortgages and 3.32 percent (3.55% APR) for 5/1 ARMs.

On the same day, mortgage rates offered by lenders on the LendingTree network were as low as 3.75 percent (3.94% APR) for a 30-year fixed mortgage, 3.25 percent (3.49% APR) for a 15-year fixed mortgage and 2.75 percent (3.37% APR) for a 5/1 adjustable rate mortgage (ARM).

“Mortgage rates remain under pressure given continued weakening of economic conditions placing the Federal Reserve on alert to potentially enter into a second round of quantitative easing,” said Cameron Findlay, Chief Economist of LendingTree.com. “Any government interaction at this juncture will force rates lower.”

Below is a state-by-state comparison of mortgage data, including a snapshot of the lowest 30-year fixed rates offered by lenders on the LendingTree network, average loan-to-value ratio and percentage of consumers with negative equity.

Additional refinance mortgage rates are available at http://www.lendingtree.com/mortgage-loans/rates/.