More and more people are feeling ready to buy a home, which is welcome news for so many in the industry; home builders, real estate agents, contractors, and many more, as well as the new homeowners.
Wilmington, NC (PRWEB) October 30, 2012
Fixed mortgage rates were largely unchanged in the past week as they hover slightly above historic lows on average, reports ForTheBestRate.com, a consumer focused mortgage research website. The interest rate and fee combinations advertised by mortgage banks and lenders in the rate tables on the website reflect the continued low cost of home financing. On Thursday, October 25th, 2012 30 year fixed rate pricing was advertised as low as 3.250% (APR: 3.347%, Points: 0.000, Fees in APR: $1995, Lender: Greenlight Financial Services,) and 15 year fixed mortgage rates as low as 2.750% (APR: 2.750%, Points: 0.000, Fees in APR: $0, Lender: Pleasant Valley Home Mortgage.) 5 year arm rates were posted as low as 2.000% (APR: 2.913%, Points: 2.000, Fees in APR: $0, Lender: ThirdFederal Savings & Loan.)
Mortgage pricing data released Thursday, October 25th, 2012 in the weekly mortgage rate survey from Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, also revealed that the trend of consistently low mortgage rates continued. 30 year fixed rates averaged 3.41% (0.7 points), having inched up from the 3.37% (0.7 points) average the week before. 15 year mortgage rates were also up slightly, to 2.72% (0.6 points,) after averaging 2.66% (0.6 points) one week earlier.
5 year adjustable rate mortgage pricing was unchanged, remaining at 2.75% (0.6 points) on average.
"It's great to see renewing confidence in the housing market, encouraged largely by sustained low mortgage rates," commented Shaun Hamman, VP of Residential Lending at American Financial Resources, a National mortgage lender. "More and more people are feeling ready to buy a home, which is welcome news for so many in the industry; home builders, real estate agents, contractors, and many more, as well as the new homeowners."
Current mortgage rates for a number of different residential mortgage programs can be viewed on ForTheBestRate.com. Below is a snapshot of mortgage rates for a variety of products listed on the site on 10/25/2012. 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 Rate Pricing
Atlantic Mtge & Funding, Inc. - 3.250% Note Rate, 3.364% APR, 0.875 Points, $895 Fees in APR
Pleasant Valley Home Mtge - 3.250% Note Rate, 3.375% APR, 0.000 Points, $0 Fees in APR
15 Year Fixed Rate Pricing
Roundpoint Mortgage Co. - 2.500% Note Rate, 2.787% APR, 2.000 Points, $0 Fees in APR
New Penn Financial, LLC - 2.750% Note Rate, 2.836% APR, 0.000 Points, $995 Fees in APR
10 Year Fixed Rate Pricing
Pleasant Valley Home Mtge - 2.750% Note Rate, 2.750% APR, 0.000 Points, $0 Fees in APR
Roundpoint Mortgage Co. - 2.875% Note Rate, 2.875% APR, 0.000 Points, $0 Fees in APR
5 Year Adjustable Rate Pricing
Atlantic Mtge & Funding, Inc. - 2.750% Note Rate, 3.047% APR, 0.000 Points, $725 Fees in APR
AmeriSave - 2.250% Note Rate, 3.063% APR, 1.614 Points, $1995 Fees in APR