The most important thing is for those eligible for these incredibly low rates and who could save not to let them pass without taking action
Wilmington, NC (PRWEB) December 31, 2011
Mortgage rate research website, BurlingtonMortgage.biz announced that mortgage rates posted on the site are up from the historical low points reached in previous weeks. On Friday, December 30th, 2011, 30 year fixed mortgage rates as low as 3.75% were displayed in the rate tables (APR: 3.864%, Points: 1, Lender: AuroraBank.) This is an increase over one week previous when 30 year rates hit a record low just before the Christmas holiday.
The rise in pricing was also reported by Freddie Mac, a government sponsored enterprise and purchaser of residential mortgages on the secondary market, in its weekly rate survey released Thursday, December 29th. Average pricing was up slightly for each product tracked in the survey.
According to Freddie Mac the average 30 year fixed rate mortgage averaged 3.95% (0.7 points) up from 3.91% (0.7 points) the week prior. 15 year fixed pricing saw a similar increase going from 3.21% (0.8 points) the week of December 22nd to 3.24% (0.8 points) this week. 5/1 ARM rates were also affected rising to 2.88% (0.6 points) after reaching 2.85% (0.6 points) the week before.
Though the increase is small it may signal to borrowers that rates aren't guaranteed to stay low forever, and encourage some to purchase or refinance during this window of historically great interest rates.
"When rates keep falling lower and lower sometimes people don't want to commit to a home loan for fear they'll miss an even better rate a few days later," commented Kelly Decker, a banker based in McKinney, TX .
"We try to use the numbers to show how a slight change in rate often doesn't impact a monthly payment or overall interest paid that drastically - and remind homeowners that if there is another large drop in pricing somewhere down the line another refinance might be an option to take advantage of it. The most important thing is for those eligible for these incredibly low rates and who could save not to let them pass without taking action," continued Decker.
Below is a snapshot of Texas mortgage interest rates for a variety of products listed on BurlingtonMortgage.biz on 12/30/2011. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Mortgage Rates (0 Points)
Quicken Loans – 4.250% Note Rate – 4.087% APR – $1553 Fees in APR
AmeriSave – 4.000% Note Rate – 4.083% APR – $1995 Fees in APR
20 Year Mortgage Rates (0 Points)
Quicken Loans – 4.125% Note Rate – 4.215% APR – $1553 Fees in APR
15 Year Mortgage Rates (0 Points)
AmeriSave - 3.250% Note Rate - 3.395% APR - $1995 Fees in APR
AuroraBank - 3.250% Note Rate - 3.305% APR $757 Fees in APR
5/1 ARM Rates (0 Points)
AuroraBank - 3.375% Note Rate - 3.405% APR - $757 Fees in APR
Quicken Loans - 3.500% Note Rate - 3.583% APR - $2053 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.
Update 2/19/2013: BurlingtonMortgage.biz is now PriceAMortgage.com which is also owned and operated by CMG Equities, LLC in Wilmington, North Carolina.
# # #