Lenders in the LendingTree Network saw rates on 30- and 15-year, fixed-rate mortgages plunge to a six-month low this past week, LendingTree said in a report Wednesday.
The network of mortgage lenders said the average 30-year, FRM at LendingTree branches fell to 4.71 percent, while the 15-year FRM hit 3.99 percent for the week ending June 7. Rates on 5/1 adjustable-rate mortgages also fell to 3.27 percent. Analysts with LendingTree fear Dodd-Frank rules, including the qualified residential mortgage exemption that's tied to risk retention, could depress housing prices and mortgage rates further.
"Mortgage rates are continuing their nosedive, now hitting the lowest level we've seen in over six months," said Cameron Findlay, chief economist of LendingTree.com.
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