Many home owners hoping to refinance, or take advantage of the HARP Program (Home Affordable Refinance Program), are likely to find they can still realize significant savings at today's mortgage rates
Wilmington, NC (PRWEB) March 26, 2012
Mortgage rates rose for the second week in a row, according to mortgage rate research website, ForTheBestRate.com. Pricing for 30 year fixed rate loans as low as 3.875% (APR: 3.900%, Points: 0, Fees: $595, Lender: Loan Depot, Arizona mortgage rates) was advertised on the site Friday, March 23rd, 2012, though it was more common to see 30 year fixed rates reaching above the 4.00% mark. Fifteen year fixed rates were also up, with pricing as low as 3.125% (APR: 3.197%, Points: 0, Fees: $995, Lender: Americash Mortgage Banking).
The rate increase was also apparent in the weekly mortgage rate survey released Thursday, March 22nd, 2012 by Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market. The survey showed the average 30 year fixed mortgage rates climbed to 4.08% (0.8 points) from 3.92% (0.8 points) one week earlier. 15 year pricing rose to 3.30% (0.8 points)on average after reaching 3.16% (0.8 points) the week prior.
"It's important to remember that mortgage rates remain incredibly low, and that 30 year fixed rate loans below four percent have been largely unprecedented for much of the history of mortgage financing," said Megan Criss, an Editor with ForTheBestRate.com. "Many home owners hoping to refinance, or take advantage of the HARP Program (Home Affordable Refinance Program), are likely to find they can still realize significant savings at today's mortgage rates."
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 02/17/2012. Maine mortgage rates were used in this example. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Mortgage Rates (0 Points)
AimLoan.com - 3.875% Note Rate, 3.958% APR, $1995 Fees in APR
AmeriSave - 4.250% Note Rate, 4.335% APR, $1995 Fees in APR
15 Year Mortgage Rates (0 Points)
Quicken Loans - 3.750% Note Rate, 3.902% APR, $2057 Fees in APR
AimLoan.com - 3.125% Note Rate, 3.270% APR, $1995 Fees in APR
10 Year Fixed Mortgage Rates (0 Points)
Quicken Loans - 3.625% Note Rate, 3.791% APR, $1557 Fees in APR
AimLoan.com - 3.000% Note Rate, 3.210% APR, $1995 Fees in APR
5 Year Adjustable Rate Mortgage Rates (0 Points)
AimLoan.com - 2.500% Note Rate, 2.576% APR, $1995 Fees in APR
Quicken Loans - 3.375% Note Rate, 3.458% APR, $2057 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, NC.