Even As Rates Slide Further
CHARLOTTE, N.C. – Mortgage rates have fallen further.
LendingTree reported lenders in its network were offering average home loan rates of 4.35% (4.59% APR) on 30-year terms, 3.59% (3.68% APR) on 15-year fixed mortgages, and 3.56% (3.80% APR) on 5/1 adjustable mortgages. The company said its Weekly Mortgage Rate Pulse shows the average on the 15-year fixed has declined 14% week-over-week.
“Lenders on the network have recently seen more borrowers make the rational switch to shorter-term mortgages,” said Mark Fowler, senior VP of exchange operations at LendingTree. “With rates as low as we are seeing today, it makes sense to consider shorter term loan options where borrowers can quickly build equity and pay less interest. Homeowners who want to refinance should at least look into less popular loan options, such as a 15-year, fixed-rate mortgage.”