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LendingTree Lender Marketplace Survey Reveals Top 5 Mistakes Refinancing Consumers Make
Sep 14, 2011 (04:09 PM EDT)
Average Mortgage Rates Inch Up According to the LendingTree Weekly Mortgage Rate Pulse
CHARLOTTE, N.C., Sept. 14, 2011 /PRNewswire/ -- Average mortgage rates have increased slightly, while lowest rates remained stable week-over-week according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average mortgage rates offered by lenders on the LendingTree network.
On September 13, average home loan rates offered by LendingTree network lenders were 4.37% (4.53% APR) for 30-year fixed mortgages, 3.61% (3.86% APR) for 15-year fixed mortgages and 3.34% (3.50% APR) for 5/1 adjustable rate mortgages (ARM), an 8 percent increase week-over-week for 30- and 15-year fixed mortgages.
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 3.75% (3.88% APR) for a 30-year fixed mortgage, 2.875% (3.11% APR) for a 15-year fixed mortgage and 2.50% (3.03% APR) for a 5/1 ARM.
The LendingTree Monthly Lender Marketplace Survey, which launched in September, asked LendingTree network lenders what is the biggest mistake consumers make when refinancing their home loan. The top 5 mistakes are outlined below:
"The LendingTree Lender Marketplace Survey provides valuable insight into the national mortgage arena from a lender's standpoint," says Mona Marimow, Senior Vice President at LendingTree. "What we've seen with the first survey is that consumers could achieve greater benefits if they were more prepared in advance of requesting a loan. By highlighting the top five mistakes we hope this helps empower borrowers to have a smoother refinancing experience."
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.
SOURCE LendingTree, LLC