30-Year Fixed Mortgage Rates Hover at 5.00 Percent for Second Consecutive Week
online4all~CHARLOTTE, N.C., March 23, 2011 /PRNewswire/ — 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% (5.22% APR) for 30-year fixed mortgages, 4.15% (4.46% APR) for 15-year fixed mortgages and 3.63% (3.78% 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% APR) for a 30-year fixed mortgage, 3.75 percent (3.99% APR) for a 15-year fixed mortgage and 3.00 percent (3.26% 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,” said 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 (reflected in the chart below) highlights the concern that there is no panacea to the economy’s ailments.”
The following housing market data shows a snapshot of the lowest 30-year fixed rates offered by lenders on the LendingTree network, as well as updated average loan-to-value ratios and negative equity by state.
For more state-level housing market data, please contact Nicole Hall. Or, to compare mortgage rates please visit http://www.lendingtree.com/mortgage-loans/rates/.
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 – News).
Read more on http://biz.yahoo.com/prnews/110323/cl70538.html?.v=1
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