Some of our clients who may have just purchased a home six months ago are surprised to learn they could already benefit from a refinance, but when rates are this low it makes sense for everyone to run the numbers.
Wilmington, NC (PRWEB) September 12, 2011
Mortgage rates fell once again, to the lowest point on record, according to mortgage rate research website, ForTheBestRate.com. Rates for a 30 year fixed rate mortgage were advertised as low as 3.875% (APR: 4.040%, Lender: LoanDepot) on Thursday, September 8th. Pricing this low for residential home loans is unprecedented, and while it reflects the weakness of the US and global economy, represents a huge opportunity for home buyers and current mortgage holders.
The record setting drop was confirmed in the weekly mortgage survey released September 8th by Freddie Mac, a government sponsored enterprise that purchases residential mortgage loans in the secondary market. The report showed that the average 30 year fixed rate mortgage was down to 4.12% (0.7% points), the lowest point since Freddie Mac began keeping records four decades ago. 15 year fixed rate pricing also fell to an average of 3.33% (0.6 points) from 3.39% (0.6 points) the week prior. 5 year arm rates held steady averaging 2.96% (0.6 points).
"With rates this low there are a lot of homeowners who can save money," said Brian Mitchell, Sales Manager with Gateway Bank Mortgage, a North Carolina mortgage company. "Some of our clients who may have just purchased a home six months ago are surprised to learn they could already benefit from a refinance, but when rates are this low it makes sense for everyone to run the numbers."
Consumers interested in learning whether refinancing a current mortgage to this record low pricing would lower their monthly payment or their long term interest exposure can do so at ForTheBestRate.com. They can view advertised interest rates published in the rate tables, and then use the mortgage calculators on the site to come up with some rough estimates. Of course not every homeowner will qualify for the best available rates, as eligibility is based on a number of factors including credit history, equity in the property, income, and assets.
Below is a snapshot of mortgage rates for a variety of products listed on ForTheBestRate.com on 9/8/2011. 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 – $1950 Fees in APR
Loan Depot – 4.000% Note Rate – 4.081% APR – $1950 Fees in APR
20 Year Rates (0 Points)
National Mortgage Alliance – 3.750% Note Rate – 3.865% APR – $2000 Fees in APR
AimLoan – 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 - $1950 Fees in APR
AmeriSave - 3.250% Note Rate - 3.395% APR - $1995 Fees in APR
10 Year Rates (0 Points)
Atlantic Mortgage Funding - 3.250% Note Rate - 3.251% APR - $10 Fees in APR
AimLoan - 3.125% Note Rate - 3.331% APR - $1950 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. For more information on the current real estate and mortgage markets, check out the ForTheBestRate.com blog.
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