Wilmington, NC (PRWEB) April 30, 2012
Mortgage rates for the most popular fixed rate home loan products are down slightly on average, reaching just above record lows, reports mortgage rate research website, BurlingtonMortgage.biz. On Thursday, April 26th, 2012 30 year fixed mortgage rates as low as 3.500% (APR: 3.579%, Points: 0, Fees: $1950, Lender: LenderFi Inc., Tennessee mortgage rates were advertised on the site. 15 year fixed pricing was posted in the rate tables as low as 2.875% (APR: 3.019%, Points: 0, Fees: $1995, Lender: AimLoan.com, Tennessee mortgage rates.)
When Freddie Mac, a government sponsored enterprise which purchases mortgage loans on the secondary market, released its weekly survey of mortgage rates on Thursday, April 26th, 2012, the data confirmed that home loan pricing saw a small drop on average for fixed rate programs. 30 year fixed interest rates were shown to have dropped to 3.88% (0.7 points) on average from 3.90 (0.8 points) one week earlier. 15 year fixed mortgage rates were also down slightly moving from an average of 3.13% (0.7 points) to 3.12% (0.6 points.)
5 year adjustable rate mortgage rates were up this week, reaching an average of 2.85% (0.6 points) after falling to a record low 2.78% (0.7 points) the week prior.
Continued low mortgage rates are likely welcome news to the many homeowners hoping to refinance through HARP, the Home Affordable Refinance Program. The program is designed for homeowners with little to no equity, or even a negative equity position where they owe more on their mortgage than the home is worth, and who as a result can't qualify for a traditional refinance. HARP has gotten a great deal of attention in recent months, but only recently have mortgage lenders been able to start taking applications and closing these refinance loans.
"There have been a great deal of underwater homeowners anxiously watching mortgage rates tick up and down while they waited for the HARP details to be finalized and for a process to be put in place," commented Nat Criss, Managing Partner of CMG Equities which owns BurlingtonMortgage.biz. "It's exciting to see that many of them are able to take advantage of this incredibly low mortgage pricing to make their homes significantly more affordable, and that high numbers of HARP loans are able to close while rates remain so attractive," he continued.
Below is a snapshot of interest rates for a variety of products listed on BurlingtonMortgage.biz on 4/26/2012. Nashville, TN 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)
Quicken Loans – 4.250% Note Rate – 4.327% APR – $1557 Fees in APR
AmeriSave - 4.000% Note Rate - 4.083% APR - $1995 Fees in APR
20 Year Mortgage Rates (0 Points)
AimLoan - 3.500% Note Rate - 3.613% APR - $1995 Fees in APR
QuickenLoans - 3.990% Note Rate - 4.080% APR - $1557 Fees in APR
15 Year Mortgage Rates (0 Points)
AmeriSave - 3.000% Note Rate - 3.144% APR - $1995 Fees in APR
LenderFi Inc. - 2.875% Note Rate - 3.016% APR - $1950 Fees in APR
10 Year Mortgage Rates (0 Points)
AimLoan - 2.750% Note Rate - 2.959% APR - $1995 Fees in APR
LenderFi Inc. - 2.750% Note Rate - 2.955% APR - $1950 Fees in APR
BurlingtonMortgage.biz is a website that offers information regarding mortgages and personal finance. BurlingtonMortgage.biz is owned by CMG Equities, LLC based in Wilmington, North Carolina.
Update 2/19/2013: BurlingtonMortgage.biz is now PriceAMortgage.com which is also owned and operated by CMG Equities, LLC in Wilmington, North Carolina.