Rates this low mean high numbers of refinances, and many of the banks and lenders we've talked to are working with so much volume they aren't actively advertising
Wilmington, NC (PRWEB) July 31, 2012
Fixed mortgage rates fell this week, again dropping on average to new historic lows, reports mortgage rate research website, BurlingtonMortgage.biz. The decrease was evident in the interest rate and fee combinations advertised on the website with 30 year fixed home loan pricing as low as 3.25% (APR: 3.33%, Points: 1.000, Fees in APR: $0, Lender: American Financial Resources.) 15 year fixed mortgage rates also moved lower, advertised as low as 2.75%, (APR: 2.83%, Points: 0.000, Fees in APR: $950, Lender: Mortgage Capital Associates.)
Investors' continued uneasiness over the slow recovery of the US economy has led to additional funds moved into the security of US Treasury bonds. This has helped to move fixed mortgage rates, tied to these US Treasury securities, lower, repeatedly reaching record lows in recent months.
"Consumers often ask us why some lenders advertise rates much higher than the average rates," said Nat Criss, Managing Partner of CMG Equities, LLC, which runs BurlingtonMortgage.biz. "Each lender has their own pricing structure, and right now a lot of it is based on capacity. Rates this low mean high numbers of refinances, and many of the banks and lenders we've talked to are working with so much volume they aren't actively advertising right now. This is why it really pays to shop around when looking for a new mortgage," he continued.
Current mortgage rates for a number of different residential mortgage programs can be viewed on BurlingtonMortgage.biz. Below is a snapshot of mortgage rates for a variety of products listed on the site on 7/27/2012. Baltimore, MD 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 Fixed Mortgage Rates
Rapid ELoans - 3.13% Note Rate, 3.34% APR, 2.000 Points, $1205 Fees in APR
Absolute Mortgage - 3.25% Note Rate, 3.38% APR, 1.000 Points, $950 Fees in APR
15 Year Fixed Mortgage Rates
American Financial Resources - 2.75% Note Rate, 2.75% APR, 0.000 Points, $0 Fees in APR
LenderFi.com - 2.75% Note Rate, 2.92% APR, 0.00 Points, $1950 Fees in APR
10 Year Fixed Mortgage Rates
Residential Finance Corporation - 2.75% Note Rate, 2.85% APR, 0.000 Points, $799 Fees in APR
Mortgage Capital Associates - 2.75% Note Rate, 2.87% APR, 0.000 Points, $950 Fees in APR
5 Year Adjustable Rate Mortgage Rates
Aurora Financial - 2.50% Note Rate, 2.62% APR, 0.000 Points, $0 Fees in APR
Greenlight Financial Services - 2.50% Note Rate, 3.21% APR, 1.000 Points, $1995 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.