Mortgage Rates Continue To Fall

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.

Processing Content

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.

For reprint and licensing requests for this article, click here.
Lending
MORE FROM AMERICAN BANKER