Wilmington, NC (PRWEB) September 18, 2012
Mortgage rates held steady this week as markets anticipated the announcement of additional stimulus measures from the US Federal Reserve, reports mortgage rate research website BurlingtonMortgage.biz. The interest rates available for residential mortgage loans remains near the historic low points for many home loan products, as evidenced by the pricing advertised by mortgage banks and lenders in the BurlingtonMortgage.biz rate tables. On Friday, September 14th, 2012 30 year fixed mortgage rates were posted as low as 3.125% (APR: 3.285%, Points: 2.000, Fees in APR: $0, Lender: Mortgage Capital Associates,) and 15 year home loan rates as low as 2.750% (APR: 2.750%, Points: 0.000, Fees in APR: $0, Lender: American Financial Resources.) 5 year adjustable rate mortgage rates were advertised as low as 2.375% (APR: 2.648%, Points: 1.010, Fees in APR: $0, Lender: Loan Depot.)
A Thursday, September 13th, 2012 announcement from the US Federal Reserve confirmed speculation that additional action will be taken to influence long term interest rates and boost up the economy. The Fed's plans, termed QE3 (the third round of quantitative easing,) to purchase $40 billion of mortgage-backed securities per month will likely have the desired effect of keeping mortgage rates low, allowing the housing market to continue to rebound.
"The housing recovery has been a bit of positive news related to the overall economy," commented Shaun Hamman, VP of Residential Lending at American Financial Resources. "And we've also seen over and over again what a huge impact the availability of these low mortgage rates can have on the financial picture of a household, both over the short and long term," 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 7/20/2012. San Diego, CA 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
American Financial Resources - 3.250% Note Rate, 3.330% APR, 1.000 Points, $0 Fees in APR
Nations Choice Mortgage - 3.250% Note Rate, 3.342% APR, 0.000 Points, $1895 Fees in APR
15 Year Mortgage Rates
Online Mortgage Group - 2.750% Note Rate, 2.750% APR, 0.000 Points, $0 Fees in APR
National Mortgage Alliance - 2.750% Note Rate, 2.759% APR, 0.000 Points, $100 Fees in APR
5 Year ARM Rates
Third Federal - 2.440% Note Rate, 2.664% APR, 0.000 Points, $1553 Fees in APR
InterBank Mortgage Company - 2.625% Note Rate, 2.678% APR, 0.000 Points, $499 Fees in APR
3 Year ARM Rates
Mortgage Capital Associates - 2.500% Note Rate, 3.147% APR, 0.000 Points, $950 Fees in APR
Roundpoint Mortgage Company - 2.250% Note Rate, 3.205% 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.