But for anyone who has owned their home for a few years and hasn't taken a look at whether a new loan makes sense, now's the time to do so.
Wilmington, NC (PRWEB) October 10, 2011
Mortgage rate research website, ForTheBestRate.com reported that the rates advertised on the site for a 30 year fixed rate mortgage have dipped from the low 4 percent range into the threes. On Thursday, October 6th pricing as low as 3.750% (APR: 3.750%, Points & Fees: $0, Lender: Seckel Capital) was posted in the rate tables.
Though mortgage rates were already extremely low, mortgage pricing has been driven down further by actions from the Federal Reserve which began purchasing longer-term bonds, and due to increased fear among economists and consumers that the global economy may enter another recession.
"These low mortgage rates are great for those who can take advantage of it," said Shaun Hamman, VP of Residential Lending at American Financial Resources, a National mortgage lender. "We'd love to see the economy move in a direction that gets the housing industry healthy again so that people are buying again, and more homeowners have enough equity to make refinancing into lower rates an option."
The further drop in mortgage pricing has not resulted in a drastic increase in interest among consumers. Traffic to ForTheBestRate.com was up significantly in August when rates reached what was then a record low point, but tapered off in September even though pricing continued lower.
"Many of the people who are in a position to refinance have already done so," said Nat Criss, Managing Partner of CMG Equities which owns and operates ForTheBestRate.com. "But for anyone who has owned their home for a few years and hasn't taken a look at whether a new loan makes sense, now's the time to do so."
Below is a snapshot of mortgage rates for a variety of products listed on ForTheBestRate.com on 10/6/2011. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Mortgage Rates (0 Points)
Amerisave – 4.125% Note Rate – 4.209% APR – $1995 Fees in APR
Seckel Capital – 3.750% Note Rate – 3.750% APR – $0 Fees in APR
15 Year Mortgage Rates (0 Points)
Quicken Loans – 3.750% Note Rate – 3.920% APR – $2303 Fees in APR
Lending Tree Loans – 3.750% Note Rate – 3.861% APR – $1500 Fees in APR
10 Year Mortgage Rates (0 Points)
Quicken Loans - 3.750% Note Rate - 3.682% APR - $1954 Fees in APR
Seckel Capital - 4.250% Note Rate - 4.250% APR - $0 Fees in APR
5 Year ARM Rates (0 Points)
AIG Bank - 3.500% Note Rate - 3.549% APR - $1200 Fees in APR
Quicken Loans - 3.500% Note Rate - 3.635% APR - $3303 Fees in APR
ForTheBestRate.com is a website that offers information regarding mortgages, insurance, and personal finance. ForTheBestRate.com is owned by CMG Equities, LLC based in Wilmington, North Carolina.
505 South 4th St
Wilmington, NC 28401