Wilmington, NC (PRWEB) September 25, 2012
Fixed mortgage rates fell this week, as markets were impacted by the announcement that the US Federal Reserve will implement additional stimulus measures reports ForTheBestRate.com, a consumer focused mortgage research website. The program, termed QE3 (as it represents the third round of quantitative easing,) will purchase $40 billion of mortgage-backed securities per month in an effort to keep long term interest rates low. Mortgage banks and lenders reacted by advertising extremely low mortgage rates in the ForTheBestRate.com rates tables. On Thursday, September 20th, 2012 30 year fixed mortgage rates were posted as low as 3.000% (APR: 3.225%, Points: 1.613, Fees in APR: $1995, Lender: AimLoan.com,) and 15 year fixed interest rate pricing as low as 2.500% (APR: 2.658%, Points: 0.500, Fees in APR: $999, Lender: American Interbanc Mortgage Brokers.)
Adjustable rate mortgage pricing did not move lower on average this week, but extremely low 5 year arm rates continue to be advertised. On Thursday, September 20th, 2012 they were posted as low as 2.440% (APR: 2.671%, Points: 0.000, Fees in APR: $1553, Lender: Third Federal Savings & Loan.)
"Because mortgage rates have been so low for such an extended period of time refinance applications have been the driving force behind mortgage activity, accounting for 79 - 80 percent of mortgage applications in recent weeks," commented Nat Criss, CEO of ForTheBestRate.com. "We have however been seeing some positive real estate news with increases in existing home sales, which will hopefully continue even if mortgage rates start to move up from these record lows," 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 9/20/2012. San Diego, CA 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
American Interbanc Mortgage Brokers - 3.125% Note Rate, 3.243% APR, 0.875 Points, $999 Fees in APR
Home Loan Enterprise - 3.250% Note Rate, 3.296% APR, 0.000 Points, $946 Fees in APR
20 Year Mortgage Rates
AimLoan.com - 2.875% Note Rate, 3.186% APR, 1.555 Points, $1995 Fees in APR
American Interbanc Mortgage Brokers - 3.125% Note Rate, 3.249% APR, 0.500 Points, $999 Fees in APR
15 Year Mortgage Rates
LenderFi.com - 2.500% Note Rate, 2.777% APR, 0.750 Points, $1950 Fees in APR
Roundpoint Mortgage Company - 2.500% Note Rate, 2.787% APR, 2.000 Points, $0 Fees in APR
5 Year Adjustable Rate Mortgage Rates
AimLoan.com - 1.750% Note Rate, 2.926% APR, 1.214 Points, $1995 Fees in APR
Home Loan Enterprise - 2.375% Note Rate, 3.014% APR, 0.250 Points, $946 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.