Average mortgage rates fell this 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 July 12, average home loan rates offered by LendingTree network lenders were 4.77% (4.94% APR) for 30-year fixed mortgages, 4.03% (4.28% APR) for 15-year fixed mortgages and 3.51% (3.64% APR) for 5/1 adjustable rate mortgages (ARM). Rates for 30 year fixed loans and 5/1 ARMS fell week-over-week while 15 year fixed mortgage rates rose slightly.

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 4.25 percent (4.39% APR) for a 30-year fixed mortgage, 3.375 percent (3.61% APR) for a 15-year fixed mortgage and 2.75 percent (3.04% APR) for a 5/1 ARM.

"Mortgage rates have been yo-yoing for several months now," said Mona Marimow, Senior Vice President of LendingTree.com. "While still hovering near historic lows, the amount rates vary from lender to lender is the highest we've seen since late 2010. This variance spells opportunity for consumers on the market for a home loan, provided they shop around and compare rates and offers from a variety of lenders. Banks and lenders move at different speeds to readjust their pricing after market dips and this can translate to considerable savings for savvy borrowers."