Mortgage Rates Fall with Unemployment News

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Home mortgage rates reverse course and drop to near 2011 lows according to ForTheBestRate.com.

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We've definitely experienced an uptick in applications. People who have been sitting on the sidelines since the end of 2010 appear to have renewed interest.

Mortgage interest rates moved lower over the past week upon news of higher unemployment, according to the mortgage rate research web site, ForTheBestRate.com. The company reports that interest rates advertised in the rate tables displayed on the site have fallen near 2011 lows with current posted 15 year fixed mortgage rates as low as 3.250% (3.462% APR, Lender: Amerisave).

Freddie Mac, a government sponsored enterprise that purchases residential mortgage loans in the secondary market, confirms the trend of sliding mortgage rates in their most recent weekly survey. According to their report, the average rate for a 30 year fixed rates mortgage over the past week was 4.51% with 0.7% points, down slightly from an average of 4.60% from the previous week. 15 year mortgages saw a similar change going from 3.75% to 3.65% both with 0.6% points. 5 year treasury indexed hybrid ARM rate averages followed suit dropping slightly from 3.30% down to 3.29% with .5% points.

Shaun Hamman, VP of the Residential Lending Division of American Financial Resources, noted that "the current rate environment has created a flurry of refinance activity over the past few months. We've definitely experienced an uptick in applications. People who have been sitting on the sidelines since the end of 2010 appear to have renewed interest." American Financial Resources, a New Jersey based national lender, offers a wide variety of financing solutions including FHA mortgages, conventional fixed and adjustable rate mortgages, non-conforming jumbo loans, and mobile home mortgages. Hamman continued, "It's a great time to be in a position to refinance or buy a home. Mortgage rates are at or near 2011 lows for most products."

Below is a snapshot of interest rates for a variety of programs listed on ForTheBestRate.com 7/14/2011. Rates are subject to change. Please visit the site for criteria used in the survey.

30 Year Mortgage Rates (0 pts)
AimLoan.com – 4.250% Note Rate – 4.333% APR – $1,950 Fees in APR
Amerisave – 4.375% Note Rate – 4.460% APR – $1,995 Fees in APR

20 Year Mortgage Rates (0 pts)
AimLoan.com – 4.125% Note Rate – 4.239% APR – $1,950 Fees in APR
Loan Depot – 4.250% Note Rate – 4.338% APR – $1,500 Fees in APR

7 Year ARM Rates (0 pts)
AimLoan.com – 3.125% Note Rate – 3.202% APR – $1,950 Fees in APR
Loan Depot – 3.250% Note Rate – 3.314% APR – $1,595 Fees in APR

About ForTheBestRate.com

ForTheBestRate.com is a mortgage rate research web site where consumers can compare mortgage rates, APRs, and closing cost information from competing mortgage lenders, brokers, and banks from around the United States. ForTheBestRate.com is not a mortgage company and does not make loans of any kind. Rates are posted online and updated daily. Interest rates are subject to change without notice. Please visit ForTheBestRate.com for up-to-date pricing information and to verify the criteria used the survey.

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Nat Criss
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