Sometimes a slight uptick in pricing is a good thing, because it motivates people who had been holding off to take some action.
Wilmington, NC (PRWEB) October 19, 2011
According to new data from BurlingtonMortgage.biz, mortgage rates have climbed in recent days, with many mortgage lenders returning their 30 year fixed mortgage pricing to the low 4 percent range after dropping to record lows in the high 3 percent range the previous week. The rise in rates followed an economic news release dated October 7th, 2011 from the Bureau of Labor Statistics reporting that 103,000 jobs were added to the US economy in September, more than was expected.
As of Friday, October 14th, 2011 some of the advertisers on BurlingtonMortgage.biz were still pricing a 30 year fixed rate loan below 4%, but factoring in the included points and fees brought the APR above 4% for almost all of the posted rates. Only Affiliated Financial Group listed an APR below 4% with a note rate of 3.750% (Points: 1.75, Fees: $1050, APR: 3.920%.)
The rise in mortgage pricing was confirmed in the Primary Mortgage Market Survey(R) released weekly by Freddie Mac, a government sponsored enterprise that purchases residential mortgage loans in the secondary market. The report released Thursday, October 13th showed the average 30 year fixed mortgage rate was 4.12% (0.8 points), up from a record low 3.94% (0.8 points) the week before. The average 15 year fixed rate mortgage pricing saw a jump that was almost as large, from 3.26% (0.8 points) to 3.37% (0.8 points.)
5/1 ARM rates were also up on average, rising to 3.06% (0.6 points) after falling to 2.96% (0.6 points) the week of October 6th.
"Mortgage rates are still extremely low," commented Nat Criss, Managing Partner of CMG Equities which owns and operates BurlingtonMortgage.biz. Criss added, "If a home loan made sense last week at 3.750% it probably still makes a lot of sense at 4.000%, whether someone is considering a real estate purchase or a refinance. Sometimes a slight uptick in pricing is a good thing, because it motivates people who had been holding off to take some action. The last thing we want to see is someone paying a lot more than they need to every month on their mortgage a couple of years from now because they let this rate environment pass them by."
Below is a sampling of interest rates for a variety of programs listed on BurlingtonMortgage.biz on 10/14/2011. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Interest Rates (0 Points)
New American Funding – 4.375% Note Rate, 4.375% APR, $0 Fees in APR
Aurora Bank – 4.250% Note Rate, 4.276% APR, $757 Fees in APR
20 Year Interest Rates (0 Points)
Gateway Bank Mortgage - 4.000% Note Rate, 4.040% APR, $875 Fees in APR
Quicken Loans - 4.375% Note Rate, 4.471% APR, $2053 Fees in APR
15 Yr Interest Rates (0 Points)
Affiliated Financial Group - 3.375% Note Rate, 3.436% APR, $1050 Fees in APR
Gateway Bank Mortgage - 3.625% Note Rate, 3.700% APR, $1275 Fees in APR
5/1 Adjustable Mortgage Rates (1 Point)
Union Pacific Mortgage - 2.750% Note Rate, 2.858% APR, $950 Fees in APR
Aurora Bank - 3.000% Note Rate, 3.103% APR, $757 Fees in APR
BurlingtonMortgage.biz is a website that offers information regarding mortgages and personal finance. BurlingtonMortgage.biz is owned by CMG Equities, LLC based in Wilmington, North Carolina.