LendingTree Mortgage Rate Pulse: Mortgage Rates Up Slightly

May 26, 2011 (Shirley Allen)

According to the data collected on May 24, 2011, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 4.82 percent (5.03% APR) for 30-year fixed mortgages, which is up from 4.79 percent from the previous week, 4.04 percent (4.38% APR) for 15-year fixed mortgages, which is up from 4.00 percent reported in the previous week, and 3.51 percent (3.64% APR) for 5/1 adjustable rate mortgages (ARM), which was up from 3.42 percent reported in the previous weeks survey.

The lowest mortgage rates offered on the same day by lenders on the LendingTree network were 4.375 percent (4.51% APR) for a 30-year fixed mortgage, which is the same that was offered the previous week, 3.5 percent (3.74% APR) for a 15-year fixed mortgage, which was the same as was offered the previous week, and 2.875 percent (3.16% APR) for a 5/1 ARM, which was also the same as was offered last 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.”

The LendingTree Weekly Mortgage Rate Pulse is a snapshot of the lowest and average home loan rates available within the LendingTree network of lenders and is compiled every Wednesday from data that is gathered from the previous day to reflect the most up to date information on current mortgage rates.

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.

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