LendingTree Weekly Mortgage Rate Pulse Reports Average Rates Edge Up
CHARLOTTE, N.C., May 25, 2011 /PRNewswire/ -- Average mortgage rates rose 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.
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On May 25, average home loan rates offered by LendingTree network lenders were 4.82% (5.03% APR) for 30-year fixed mortgages, 4.04% (4.38% APR) for 15-year fixed mortgages and 3.51% (3.64% APR) for 5/1 adjustable rate mortgages (ARM). Rates for all loan types rose slightly week-over-week.
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.375 percent (4.51% APR) for a 30-year fixed mortgage, 3.5 percent (3.74% APR) for a 15-year fixed mortgage and 2.875 percent (3.16% APR) for a 5/1 ARM. Lowest rates for all loan types were flat week-over-week.
"The revamped mortgage disclosure forms proposed by Elizabeth Warren and the Consumer Financial Protection Bureau (CFPB) have brought the challenges borrowers face when obtaining a mortgage back into the limelight," said Mona Marimow, Senior Vice President of LendingTree.com. "A recent LendingTree study found that nearly 70% of consumers found shopping for a mortgage frustrating and nearly 40% obtain just one home loan quote. This is evidence that borrowers need help making one of the biggest financial decisions of their life. LendingTree has been working to simplify the mortgage process for consumers since our founding in 1998. It's great to see the federal government also taking steps to improve what can be a challenging process."
LendingTree seeks to make it easier to find and compare mortgages and other types of loans by offering free, objective side-by-side comparisons of loan offers from multiple lenders. Consumers can fill out one simple form at LendingTree.com and receive multiple loan offers within minutes. LendingTree also has a suite of products designed to further increase consumer confidence in their home loan decision, including Lender Ratings and Reviews, the LendingTree Mortgage CheckUp, and the innovative Look B4U Lock tool. Look B4U Lock allows consumers to determine if they're getting a good deal on their home loan by comparing their current loan offer with offers received by similar borrowers on the LendingTree network.
For more information on current mortgage rates or for state specific 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). For more information go to www.lendingtree.com, dial 800-555-TREE , join our Facebook page and/or follow us on Twitter @LendingTree.
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SOURCE LendingTree
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