Mortgage Rates Continue To Fall

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CHARLOTTE, N.C.-Average 30-year fixed mortgage rates fell to 4.71%, the lowest level in over six months, according to the LendingTree Weekly Mortgage Rate Pulse.

On June 7, average home loan rates offered by LendingTree network lenders were 4.71% (4.95% APR) for 30-year fixed mortgages, 3.99% (4.37% APR) for 15-year fixed mortgages and 3.27% (3.47% APR) for 5/1 adjustable rate mortgages (ARM).

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.375% (4.51% APR) for a 30-year fixed mortgage, 3.375% (3.61% APR) for a 15-year fixed mortgage and 2.75% (3.12% APR) for a 5/1 ARM.

According to LendingTree Chief Economist Cameron Findlay, the impact of current low mortgage rates may be dulled by the proposed definition of a "Qualified Residential Mortgage" (QRM). Regulators recently extended the deadline for public comment on the risk retention rule (which includes QRM) until Aug. 1 amid much debate over the impact the rule could have on borrower qualification.

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