Rising interest rates tend to have a bigger impact on refinance activity than on purchase financing, particularly in a market such as this one that is so favorable for home buyers.
Wilmington, NC (PRWEB) May 28, 2013
Mortgage rates for the most popular programs were up on average this week reports mortgage rate research website, PriceAMortgage.com. Though mortgage pricing remains historically low it continued to move above record lows set in recent weeks. On Friday, May 24th, 2013 30 year fixed mortgage rates were advertised in the rate tables on PriceAMortgage.com as low as 3.375% (APR: 3.499%, Points: 1.000, Fees in APR: $875, Lender: United Mutual Funding Corp.)
15 year fixed rates were posted as low as 2.625% (APR: 2.696%, Points: 0.000, Fees in APR: $823, Lender: Epic Funding,) and 5/1 ARM interest rates as low as 2.125% (APR: 2.740%, Points: 1.000, Fees in APR: $0, Lender: Roundpoint Mortgage Company) were advertised.
The weekly survey of mortgage rates released by Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, on Thursday, May 24th, 2013 also showed pricing trending up. The report showed that 30 year fixed mortgage rates moved higher to an average of 3.59% (0.7 points) across all US markets, up slightly from 3.51% (0.7 points) the week before. 15 year fixed rates also inched up on average to 2.77% (0.7 points) from 2.69% (0.7 points) one week earlier. 5 year adjustable rate pricing rose by a smaller margin to 2.63% (0.5 points) on average, up from 2.62% (0.5 points.)
"Rising interest rates tend to have a bigger impact on refinance activity than on purchase financing, particularly in a market such as this one that is so favorable for home buyers," commented Nat Criss, CEO of CMG Equities, LLC. "Still, it's important for current homeowners to know, if your mortgage is a few years old, if you'd like to move from an ARM to a fixed program, or if your circumstance have changed in some way you might benefit considerably from a refinance, even at rates that are a bit above where they were a week or two ago," he continued.
Below is a snapshot of interest rates for a variety of programs listed on 5/24/13 on PriceAMortgage.com. Miami, FL mortgage rates represented in this survey. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Fixed Mortgage Rates
Epic Funding - 3.500% Note Rate, 3.540% APR, 0.000 Points, $823 Fees in APR
Total Mortgage Mortgage Bankers - 3.375% Note Rate, 3.562% APR, 2.000 Points, $495 Fees in APR
15 Year Fixed Mortgage Rates
Maverick Funding Corp - 2.750% Note Rate, 2.750% APR, 0.000 Points, $0 Fees in APR
Roundpoint Mortgage Company - 2.500% Note Rate, 2.787% APR, 2.000 Points, $0 Fees in APR
10 Year Fixed Mortgage Rates
Home Loan Advisors - 2.500% Note Rate, 2.714% APR, 0.000 Points, $1695 Fees in APR
Lender Fi - 2.500% Note Rate, 2.752% APR, 0.000 Points, $1990 Fees in APR
5 Year Adjustable Rate Mortgage Rates
Roundpoint Mortgage Company - 2.375% Note Rate, 2.755% APR, 0.000 Points, $0 Fees in APR
Capital One - 2.375% Note Rate, 2.868% APR, 1.000 Points, $786 Fees in APR
PriceAMortgage.com is a website that offers information regarding mortgages, insurance, and personal finance. PriceAMortgage.com is owned by CMG Equities, LLC based in Wilmington, North Carolina.