Continued demand for home purchases can mean great things for the housing recovery, and the continued availability of extremely low mortgage rates can mean an easing of economic pressures for households
Wilmington, NC (PRWEB) September 26, 2012
Mortgage rates moved lower this week as markets reacted to the news of additional economic stimulus from the US Federal Reserve, reports mortgage rate research website BurlingtonMortgage.biz. The drop in pricing was enough to push fixed mortgage rates to new record lows. This historic pricing was reflected in the interest rate and fee combinations advertised in the BurlingtonMortgage.biz rate tables. On Thursday, September 20th, 2012 30 year fixed rates were posted as low as 3.125% (APR: 3.243%, Points: 0.875, Fees in APR: $999, Lender: American Interbanc Mortgage Brokers.) 15 year fixed rates were down as well, with pricing as low as 2.500% (APR: 2.658%, Points: 0.500, Fees in APR: $999, Lender: American Interbanc Mortgage Brokers) advertised on the site.
Adjustable rate mortgage pricing did not see the same drop on average when compared to fixed rate products, but with 5 year arm rates advertised as low as 2.440% (APR: 2.657%. Points: 0.000, Fees in APR: $1253, Lender: Third Federal Savings & Loan,) pricing for these programs remains extremely low.
The Thursday, September 13th, 2012 announcement from the US Federal Reserve revealed plans to purchase $40 billion of mortgage-backed securities per month in order to drive down interest rates for long term borrowing, such as mortgage financing. This third round of quantitative easing (also referred to as QE3) appears to have achieved the desired result as 30 year fixed and 15 year fixed mortgage rates reached new historic lows on average in the first week following news of the plan.
"It's remarkable to see the cost of obtaining a mortgage move this low," commented Shaun Hamman, VP of Residential Lending at American Financial Resources. "Continued demand for home purchases can mean great things for the housing recovery, and the continued availability of extremely low mortgage rates can mean an easing of economic pressures for households who are able to bring down their fixed monthly expenses by refinancing," 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 9/20/2012. Philadelphia, PA mortgage rates used in the following examples. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Mortgage Rates
AmeriSave - 3.000% Note Rate, 3.248% APR, 1.893 Points, $1995 Fees in APR
Hamilton Nat'l Mortgage Co. - 3.250% Note Rate, 3.250% APR, 0.000 Points, $0 Fees in APR
20 Year Home Loan Rates
Online Mortgage Group - 3.000% Note Rate, 3.225% APR, 2.000 Points, $915 Fees in APR
Hamilton Nat'll Mortgage Co. - 3.250% Note Rate, 3.250% APR, 0.000 Points, $0 Fees in APR
15 Year Mortgage Rates
Pleasant Valley Home Mtge - 2.750% Note Rate, 2.750% APR, 0.000 Points, $0 Fees in APR
Online Mortgage Group - 2.750% Note Rate, 2.750% APR, 0.000 Points, $0 Fees in APR
5 Year ARM Rates
Aurora Financial - 2.625% Note Rate, 2.661% APR, 0.000 Points, $0 Fees in APR
America Lending - 2.750% Note Rate, 2.749% APR, 0.000 Points, $895 Fees in APR
3 Year ARM Rates
Third Federal Savings & Loan - 2.090% Note Rate, 2.612% APR, 0.000 Fees in APR
Roundpoint Mortgage Co. - 2.250% Note Rate, 3.190% APR, 2.000 Points, $0 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.