Mortgage Rates Hit Yet Another Record Low According to ForTheBestRate.com

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Despite months of low pricing we see a spike in interest each time mortgage rates break a new record for all time lows

Wilmington, NC (PRWEB) June 25, 2012

The rise in average mortgage rates seen last week was short lived, as once again mortgage interest rates for 30 year fixed home loans reached record setting lows, reports ForTheBestRate.com, a consumer focused mortgage rate research website. On Thursday, June 21, 2012 30 year fixed mortgage rates as low as 3.13% (APR: 3.27%, Points: 1.269, Fees: $995, Lender: AimLoan) were advertised in the rate tables on the website. 5 year adjustable rate loans also dropped to new historic lows on average, which was reflected in low rates advertised by lenders and brokers on ForTheBestRate.com. Rates as low as 2.88% (APR: 3.17%, Points: 0, Fees: $0, Lender: Roundpoint Mortgage Company) were posted.

Interest rate data released Thursday, June 21, 2012 in the weekly survey of mortgage rates from Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, confirmed the unprecedented pricing. The report showed that for the week ending June 21st, 2012 rates for 30 year fixed rate mortgages averaged 3.66% (0.7 points.) This was a drop from one week earlier when the average pricing was 3.71% (0.7 points.) 15 year mortgage rates saw a smaller decrease to an average of 2.95% (0.6 points) from 2.98% (0.7 points.)

"Consumers continue to be interested in mortgage financing as interest rates repeatedly reach new historic low points," said Nat Criss, Managing Partner of CMG Equities, LLC, which runs ForTheBestRate.com. "Despite months of low pricing we see a spike in interest each time mortgage rates break a new record for all time lows. For some it might be the buzz around the record setting numbers reminds them to take action they've been putting off, and others may have been waiting until they could see a certain monthly savings, or particular reduction from their current interest rate," he continued.

Current mortgage rates for a number of different residential mortgage programs can be viewed on ForTheBestRate.com. Below is a snapshot of North Carolina mortgage rates for a variety of products listed on the site on Thursday, June 21, 2012. Rates are subject to change. Please visit the site to view the criteria used in the survey.

30 Year Fixed Mortgage Rates
AmeriSave - 3.25% Note Rate, 3.51% APR, 1.975 Points, $1995 Fees in APR
Roundpoint Mortgage - 3.49% Note Rate, 3.65% APR, 2.000 Points, $0 Fees in APR

15 Year Fixed Mortgage Rates
Pleasant Valley Home Mortgage - 2.88% Note Rate, 2.88% APR, 0.000 Points, $0 Fees in APR
BB&T - 2.75% Note Rate, 2.89% APR, 0.500 Points, $768 Fees in APR

10 Year Fixed Mortgage Rates
Roundpoint Mortgage - 2.88% Note Rate, 3.08% APR, 1.000 Points, $0 Fees in APR
Aurora Financial - 3.00% Note Rate, 3.00% APR, 0.000 Points, $0 Fees in APR

5 Year Adjustable Rate Mortgage Rates
AimLoan.com - 1.88% Note Rate, 2.97% APR, 1.276 Points, $995 Fees in APR
Quicken Loans - 3.38% Note Rate, 3.48% APR, 0.000 Points, $2900 Fees in APR

About ForTheBestRate.com
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. or more information, visit ForTheBestRate.com.

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