LendingTree Weekly Mortgage Rate Pulse Reports Rising Mortgage Rates

Average mortgage rates rose slightly week-over-week according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average mortgage rates offered by lenders on the LendingTree network. On November 15, average mortgage rates offered by LendingTree network lenders were 4.43% (4.62% APR) for 30-year fixed mortgages, 3.76% (4.04% APR) for 15-year fixed mortgages and 3.49% (3.66% APR) for 5/1 adjustable rate mortgages (ARM), marking a slight increase across the board. On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 3.75 percent (3.88% APR) for a 30-year fixed mortgage, 3.00 percent (3.23% APR) for a 15-year fixed mortgage and 2.50 percent (3.03% APR) for a 5/1 ARM, unchanged week-over-week. "For most of the year, the spread between 15-year fixed rate loans and 30-year fixed rate loans has been static, averaging between 0.70% and 0.90%," says Cameron Findlay, LendingTree chief economist. "From the end of August to the start of October, this gap has declined significantly as more borrowers took advantage of the fact that 15-year loans were declining at a faster pace than 30-year loans. The gap is about 0.60% today - still higher than the median spread of 0.42% over the past five years. Additionally, in accordance with the changes in HARP 2.0, loan level price adjustments will be eliminated for fixed-rates loans less than or equal to 20 years. This means that shorter term loans should still be seriously considered if the payments fit within the borrower's budget."