Still it's important for home owners to understand that even if they refinanced a year or two ago and have what throughout most of the history of mortgage lending was an excellent rate, it may make sense to consider refinancing again
Wilmington, NC (PRWEB) October 01, 2012
Mortgage rates were down this week as the US Federal Reserve continued its purchases of mortgage backed securities, reports mortgage rate research website BurlingtonMortgage.biz. This latest drop, the fifth consecutive decrease in as many weeks for the 30 year fixed product, set new record lows for both 30 year fixed and 15 year fixed mortgage rates.
The interest rate and fee combinations advertised by mortgage banks and lenders on BurlingtonMortgage.biz reflected the historic pricing. On Friday, September 28th, 2012 30 year fixed rates as low as 3.000% (APR: 3.194%, Points: 1.250, Fees in APR: $1950, Lender: LenderFi) were posted in the rate tables. h20 year home loan rates were advertised as low as 2.875% (APR: 3.138%, Points: 1.132 Fees in APR: $1995, Lender: AimLoan.com,) rates were as low as and 5 year adjustable pricing as low as 2.652% (APR: 2.500%, Points: 0.000, Fees in APR: $699, Lender: Shoreline Mortgage Corporation.)
"Consumers have likely gotten used to hearing that mortgage rates have reached a new record low in recent months," commented Shaun Hamman, VP of Residential Lending at American Financial Resources. "Still it's important for home owners to understand that even if they refinanced a year or two ago and have what throughout most of the history of mortgage lending was an excellent rate, it may make sense to consider refinancing again," he continued.
The US Federal Reserve's plan to purchase $23 billion in September and then $40 billion per month in coming months appears to be working to lower longer-term interest rates, such as mortgage rates. The third round of quantitative easing (QE3) was launched in a effort to fuel the economy and strengthen its recovery.
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. Jacksonville, FL 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
AimLoan.com - 3.000% Note Rate, 3.197% APR, 1.271 Points, $1995 Fees in APR
Shoreline Mortgage Corporation - 3.250% Note Rate, 3.262% APR, 0.000 Points, $699 Fees in APR
15 Year Mortgage Rates
LenderFi - 2.500% Note Rate, 2.777% APR, 0.750 Points, $1950 Fees in APR
Roundpoint Mortgage Company - 2.500% Note Rate, 2.787% APR, 2.000 Points, $0 Fees in APR
5 Year ARM Rates
Third Federal Savings & Loan - 2.240% Note Rate, 2.684% APR, 1.000 Points, $1638 Fees in APR
AimLoan.com - 1.750% Note Rate, 2.924% APR, 1.266 Points, $1995 Fees in APR
3 Year ARM Rates
Third Federal Savings & Loan - 2.090% Note Rate, 2.630% APR, 0.000 Points, $1638 Fees in APR
AimLoan.com - 2.125% Note Rate, 3.092% APR, 0.000 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 owned and operated by CMG Equities, LLC in Wilmington, North Carolina.