CHARLOTTE, NC - Mortgage rates fell week-over-week according to the LendingTree Weekly Mortgage Rate Pulse, a snapshot of the lowest and average home loan rates available within the LendingTree network of lenders. On March 1, average home loan rates offered by LendingTree network lenders were 5.06% (5.28% APR) for 30-year fixed mortgages, 4.29% (4.6% APR) for 15-year fixed mortgages and 3.79% (4.01% APR) for 5/1 adjustable rate mortgages (ARM). Rates for all loan types fell from last week's averages.
On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.75 percent (4.89% APR) for a 30-year fixed mortgage, 3.875 percent (4.12% APR) for a 15-year fixed mortgage and 3.125 percent (3.31% APR) for a 5/1 ARM. Lowest rates also fell week over week.
"This latest dip in mortgage rates combined with current low home prices are good news for home buyers," said Cameron Findlay, LendingTree Chief Economist. "But there is a serious storm brewing in Washington that could raise the down payment required to get a loan to 20%. Federal regulators are in the final stages of defining new mortgage rules, stemming from the definition of a Qualified Residential Mortgage (QRM), that have the potential to limit the availability of credit and reduce the pool of eligible borrowers by as much as 35%."
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.
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).
Source: LendingTree, LLC