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Rates for 30-year Fixed Mortgages Reach Lowest Levels of 2011 According to the LendingTree Weekly Mortgage Rate Pulse
Aug 10, 2011 (05:08 PM EDT)
Stock market plunge and debt downgrade creates silver lining for consumers
CHARLOTTE, N.C., Aug. 10, 2011 /PRNewswire/ -- Average mortgage rates continued to fall week-over-week, marking the year's lowest levels according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average mortgage rates offered by lenders on the LendingTree network.
On August 9, average home loan rates offered by LendingTree network lenders were 4.49% (4.72% APR) for 30-year fixed mortgages, 3.72% (4.09% APR) for 15-year fixed mortgages and 3.40% (3.72% APR) for 5/1 adjustable rate mortgages (ARM). Average 30-year fixed rates showed a 7% decrease week-over-week.
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.125 percent (4.26% APR) for a 30-year fixed mortgage, 3.25 percent (3.49% APR) for a 15-year fixed mortgage and 2.63 percent (3.08% APR) for a 5/1 ARM, returning to the historical low levels seen in November 2010.
"The aftermath of the US credit downgrade has created a short term window for consumers to lock in long-term, historic low interest rates," said Doug Lebda, Chairman and CEO of LendingTree. "Average 30-year fixed rates today are within a hair of all-time lows. Refinancing a mortgage with these rates could put major cash back in consumers' pockets. LendingTree customers save an average of $353 per month, or $4,200 annually."
Below is a snapshot of the lowest mortgage rates for a 30-year fixed loan offered by lenders on the LendingTree network, as well as average loan-to-value ratios and negative equity by state.
The LendingTree Weekly Mortgage Rate Pulse is published every Wednesday. Home loan rates above are reflective of actual rates offered to borrowers by lenders on the LendingTree network. Lowest rates shown reflect the payment of one discount point. Rates will vary based on the borrower's loan details and credit profile. Visit www.lendingtree.com to learn more.
About LendingTree, LLC
LendingTree, LLC is the nation's leading online lender exchange and personal finance resource, helping consumers take charge of all their financial decisions, from budgeting to money management to mortgages to credit cards and more. LendingTree provides a marketplace that connects consumers with multiple lenders that compete for their business, as well as an array of online tools to aid consumers in their financial decisions. Since inception, LendingTree has facilitated more than 28 million loan requests and $214 billion in closed loan transactions. LendingTree provides access to lenders offering mortgages and refinance loans, home equity loans/lines of credit, and more. LendingTree, LLC is a subsidiary of Tree.com, Inc. (NASDAQ: TREE). For more information go to www.lendingtree.com, dial 800-555-TREE , join our Facebook page and/or follow us on Twitter @LendingTree.