We are encouraged to see many clients purchasing homes in this market and many current homeowners lowering their monthly obligations by refinancing.
Wilmington, NC (PRWEB) October 18, 2012
Fixed mortgage rates were largely unchanged in the past week as they remain just above historic lows on average reports ForTheBestRate.com, a consumer focused mortgage research website. Home loan pricing posted by banks and mortgage lenders in the rate tables on the website reflect just how low the cost of home financing is. On Monday, October 15th, 2012 30 year fixed rate pricing was advertised as low as 3.125% (APR: 3.285%, Points: 2.000, Fees in APR: $0, Lender: Roundpoint Mortgage Company,) and 15 year fixed mortgage rates as low as 2.625% (APR: 2.707%, Points: 0.000, Fees in APR: $950, Lender: National Mortgage Alliance.) 5 year arm rates were posted as low as 2.390% (APR: 2.661%, Points: 0.000, Fees in APR: $1703, Lender: ThirdFederal Savings & Loan.)
Mortgage pricing data released Thursday, October 11th, 2012 in the weekly mortgage rate survey from Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, also revealed that mortgage rates had changed little since the week before. 30 year fixed rates averaged 3.39% (0.7 points), just above the record setting 3.36% (0.6 points) average the week before. 15 year mortgage rates moved to 2.73% (0.6 points) on average, a drop from last week's 2.77% (0.6 points.)
5 year adjustable rate mortgage pricing was up just slightly as well, to 2.73% (0.6 points) on average from 2.72% (0.6) the week prior.
"Prolonged purchasing of mortgage backed securities from the US Federal Reserve is achieving the desired result, keeping long term interest rates extremely low," commented Shaun Hamman, VP of Residential Lending at American Financial Resources. "We are encouraged to see many clients purchasing homes in this market and many current homeowners lowering their monthly obligations by refinancing," he continued.
Current mortgage rates for a number of different residential mortgage programs can be viewed on ForTheBestRate.com. Below is a snapshot of mortgage rates for a variety of products listed on the site on 10/15/2012. Denver, CO mortgage rates represented in this sample. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Mortgage Rates
Academy Bank - 3.250% Note Rate, 3.288% APR, 0.000 Points, $785 Fees in APR
Great Western Financial Services - 3.250% Note Rate, 3.297% APR, 0.000 Points, $975 Fees in APR
15 Year Mortgage Rates
Camelot Mortgage Group - 2.750% Note Rate, 2.765% APR, 0.000 Points, $177 Fees in APR
Roundpoint Mortgage Company - 2.625% Note Rate, 2.768% APR, 1.000 Points, $0 Fees in APR
10 Year Mortgage Rates
Camelot Mortgage Goup - 2.625% Note Rate, 2.701% APR, 0.000 Points, $599 Fees in APR
Great Western Financial Services - 2.750% Note Rate, 2.874% APR, 0.000 Points, $975 Fees in APR
5 Year Adjustable Rate Mortgage Rates
AimLoan.com - 1.750% Note Rate, 2.924% APR, 1.266 Points, $1995 Fees in APR
EverBank - 2.250% Note Rate, 2.942% APR, 0.000 Points, $855 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.