When rates are bouncing around a lot and there are several of competing forces in the marketplace homeowners can have a great deal of uncertainty about when to lock in a mortgage rate
Wilmington, NC (PRWEB) October 26, 2011
Mortgage rate research website, ForTheBestRate.com reported that interest rates posted on the site have not fluctuated much since rising slightly from record lows reached the week of October 6th, 2011. On Friday, October 21st the rate tables on the site displayed mortgage rates as low as 3.875% (APR: 4.037%, Points: 1.5, Fees: $875, Lender: Gateway Bank Mortgage) for a 30 year home loan.
Pricing for FHA loans has fallen to just below that of conventional 30 year fixed rate loans, most likely due to the lower risk for the lender. FHA rates as low as 3.750% (APR: 3.948%, Points: 1, Fees: $2757, Lender: Aurora Bank) were displayed on the 21st.
A steady rate environment can help loans in process close more smoothly, according to Shaun Hamman, VP of Residential Lending at American Financial Resources, a National mortgage lender. "When rates are bouncing around a lot and there are several of competing forces in the marketplace homeowners can have a great deal of uncertainty about when to lock in a mortgage rate," explained Hamman. "If rates are coming down people worry they've acted too soon, or if they are headed up homeowners worry they've missed their best pricing," he continued.
Below is a snapshot of mortgage rates for a variety of products listed on ForTheBestRate.com on 10/21/2011. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Mortgage Rates (0 Points)
Amerisave – 4.375% Note Rate – 4.460% APR – $1995 Fees in APR
Gateway Bank Mortgage – 4.250% Note Rate – 4.287% APR – $875 Fees in APR
20 Year Mortgage Rates (0 Points)
Quicken Loans – 4.375% Note Rate – 4.481% APR – $1803 Fees in APR
Loan Depot – 3.875% Note Rate – 3.875% APR – $0 Fees in APR
15 Year Mortgage Rates (0 Points)
Aurora Bank - 3.500% Note Rate - 3.555% APR - $757 Fees in APR
Gateway Bank Mortgage - 3.625% Note Rate - 3.689% APR - $875 Fees in APR
7/1 ARM Rates (0 Points)
Loan Depot - 3.125% Note Rate - 3.188% APR - $1595 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.