Homeowners who priced out a new mortgage several months ago and found that the numbers didn't make sense quite yet may want to take another look now that we have seen several more drops in pricing
Wilmington, NC (PRWEB) October 11, 2012
Fixed mortgage rates dropped to new record lows on average reports ForTheBestRate.com, a consumer focused mortgage research website. The pricing advertised by banks and mortgage lenders in the rate tables on the website reflect this historic pricing. On Friday, October 5th, 2012 30 year fixed rate pricing was posted as low as 3.000% (APR: 3.123%, Points: 1.500, Fees in APR: $95, Lender: US Wide Financial,) and 15 year fixed mortgage rates as low as 2.750% (APR: 2.750%, Points: 0.000, Fees in APR: $0, Lender: Mortgage Capital Associates.) 5 year arm rates were advertised as low as 2.240% (APR: 2.690%, Points: 1.000, Fees in APR: $1753, Lender: ThirdFederal Savings & Loan.)
Mortgage pricing data released Thursday, October 4th, 2012 in the weekly mortgage rate survey from Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, also showed that mortgage pricing had dropped to new record lows. 30 year fixed rates averaged a record setting 3.36% (0.6 points) for the week ending October 4th, 2012, down from 3.40% (0.6 points,) the average the week before. 15 year mortgage rates moved to 2.69% (0.5 points) on average, a decrease from last week's 2.73% (0.6 points.)
5 year adjustable rate mortgage pricing increased slightly, to 2.72% (0.6 points) on average from 2.71% (0.6) the week prior. 5 year ARM pricing was higher on average this week than 15 year pricing, a relatively rare phenomenon.
"As mortgage rates continue to move lower it opens up the opportunity for more and more homeowners to save through refinancing," commented Nat Criss, CEO of ForTheBestRate.com. "Homeowners who priced out a new mortgage several months ago and found that the numbers didn't make sense quite yet may want to take another look now that we have seen several more drops in pricing," he continued.
Current mortgage rates for a number of different residential mortgage programs can be viewed on ForTheBestRate.com. Below is a snapshot of Seattle mortgage rates for a variety of products listed on the site on 9/28/2012. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Mortgage Rates
Sound Mortgage, Inc. - 3.125% Note Rate, 3.149% APR, 0.000 Points, $495 Fees in APR
LenderFi - 3.000% Note Rate, 3.214% APR, 1.500 Points, $1950 Fees in APR
15 Year Mortgage Rates
LenderFi - 2.500% Note Rate, 2.777% APR, 0.750 Points, $1100 Fees in APR
Qualstar - 2.625% Note Rate, 2.791% APR, 0.375 Points, $1295 Fees in APR
10 Year Mortgage Rates
Mortgage Capital Associates - 2.625% Note Rate, 2.745% APR, 0.000 Points, $950 Fees in APR
EverBank - 2.625% Note Rate, 2.733% APR, 0.000 Points, $855 Fees in APR
5 Year Adjustable Rate Mortgage Rates
Mortgage Capital Associates - 2.500% Note Rate, 3.018% APR, 0.000 Points, $652 Fees in APR
LenderFi - 2.250% Note Rate, 3.077% APR, 1.250 Points, $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.