It's nice to see people able to cut their mortgage payments - you get sense of the relief it brings for many homeowners
Wilmington, NC (PRWEB) September 07, 2011
According to new research on BurlingtonMortgage.biz, mortgage rates remained steady or moved slightly lower while consumer confidence fell to a two year low. Interest rates displayed on the site hover near record lows, as low as 4.000% for a thirty year fixed rate mortgage on Thursday, September 1st (APR: 4.081%, Lender: AimLoan.) This is one bright spot for consumers who are increasingly anxious over the health of the US and global economy as evidenced by the report from the private-sector Conference Board that their Consumer Confidence Index(R) fell in August to the lowest point since April of 2009. Refinancing opportunities at extremely low interest rates represent a chance for consumers to save.
The small drop in mortgage rates was also documented by Freddie Mac, a government sponsored enterprise that purchases residential mortgage loan in the secondary market, in their weekly survey of mortgage rates. The September 1st report showed 15 year fixed rate pricing fell to 3.39% (0.6 points), down from 3.44% (0.6 points) the week of August 25th. 30 year fixed rate loans held steady at 4.22% (0.7 points) from one week to the next, while 5/1 ARM rates also dropped, going from 3.07% (0.5 points) to 2.96% (0.6 points.)
"It's nice to see people able to cut their mortgage payments - you get sense of the relief it brings for many homeowners," commented Kelly Decker, Sales Manager with First United Bank Mortgage Company, a Texas mortgage lender. He continued, "I'm encouraged to see rates remaining low, so that hopefully more people will be able to take advantage of them."
It's unclear just how those homeowners who do refinance will handle the additional funds at their disposal. Low consumer confidence would suggest this money would be saved for the rainy day many seem to fear, though according to data from the U.S. Census Bureau retail sales have yet to show this as a trend.
Below is a snapshot of interest rates for a variety of programs listed on BurlingtonMortgage.biz on 9/1/2011. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Rates (0 Points)
AimLoan – 4.000% Note Rate – 4.081% APR – $1,950 Fees in APR
Amerisave – 4.125% Note Rate – 4.209% APR – $969 Fees in APR
20 Year Rates (0 Points)
National Mortgage Alliance – 3.875% Note Rate – 3.927% APR – $900 Fees in APR
Loan Depot – 3.750% Note Rate – 3.862% APR – $1,950 Fees in APR
15 Year Rates (0 Points)
AimLoan – 3.250% Note Rate – 3.392% APR – $1,950 Fees in APR
National Mortgage Alliance – 3.250% Note Rate – 3.337% APR – $1,200 Fees in APR
10 Year Rates (0 Points)
Quicken Loans - 3.250% - 3.494% APR - $2,303 Fees in APR
AES Lending Direct - 3.250% - 3.250% APR - $0 Fees in APR
7/1 ARM Rates (0 Points)
AimLoan - 3.125% - 3.202% APR - $1,950 Fees in APR
Loan Depot - 3.125% - 3.202% APR - $1,950 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.
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