We're seeing some mortgage lenders return to actively going after new business as their volume of in process loan applications levels out. For some of these companies, current posted rates are very close to when they were at their lowest
Wilmington, NC (PRWEB) August 27, 2012
Mortgage rates were up slightly on average this week, the fourth week in a row with a rise in the cost of home financing reports ForTheBestRate.com, a consumer focused mortgage research website. The pricing advertised on the website reflected that rates have increased, but also that banks and lenders are competing fiercely over the refinance demand that remains in the marketplace, offering rate and fee combinations far below the average to those consumers representing the lowest credit risk. On Friday, August 24th, 2012 30 year fixed rate mortgage rates were posted as low as 3.13% (APR: 3.32%, Points: 1.175, Fees in APR: $1995, Lender: AmeriSave,) and 15 year fixed rates as low as 2.75% (APR: 2.75%, Points: 0.000, Fees in APR: $0, Lender: Fearon Financial.)
A report released Thursday, August 23rd, 2012 from Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, also revealed the continuation of the rising interest rate trend. The weekly survey of mortgage rates showed that for the week ending August 23rdth, 2012 30 year fixed mortgage rates averaged 3.66% (0.7 points,) up from 3.625 (0.6 points,) the average one week earlier. 15 year mortgage rates were also up slightly, to 2.89% (0.7 points) on average from 2.88% (0.6 points.)
30 year fixed rates were most recently at this level in the second half of June 2012. When rates for the 30 year fixed rate product hit 3.66% (0.7 points) on average the week of June 21, 2012 they set a new benchmark for the lowest mortgage rates on record. They continued to fall over the next several weeks before reversing course earlier this month.
"As rates increased in recent weeks we've also seen banks and lenders start to catch up from some of the capacity issues that hit them earlier in the summer when interest rates were repeatedly hitting new record lows," said Nat Criss, CEO of ForTheBestRate.com. "We're seeing some mortgage lenders return to actively going after new business as their volume of in process loan applications levels out. For some of these companies, current posted rates are very close to when they were at their lowest," he continued.
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 Friday, August 24th, 2012. Indianapolis, IN 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
AimLoan.com - 3.13% Note Rate, 3.35% APR, 1.544 Points, $1995 Fees in APR
Fearon Financial - 3.25% Note Rate, 3.33% APR, 0.375 Points, $938 Fees in APR
15 Year Fixed Mortgage Rates
American Financial Resources - 2.63% Note Rate, 2.77% APR, 2.000 Points, $0 Fees in APR
Roundpoint Mortgage Company - 2.50% Note Rate, 2.79% APR, 2.000 Points, $1428 Fees in APR
10 Year Fixed Mortgage Rates
American Financial Resources - 2.75% Note Rate, 2.75% APR, 0.000 Points, $0 Fees in APR
Interbank Mortgage Company - 2.75% Note Rate, 2.75% APR, 0.000 Points, $0 Fees in APR
5 Year Adjustable Rate Mortgage Rates
Fearon Financial - 2.25% Note Rate, 2.44% APR, 1.000 Points, $2500 Fees in APR
Interbank Mortgage Company - 2.63% Note Rate, 2.69% APR, 0.000 Points, $499 Fees in APR
ForTheBestRate.com is a website that offers information regarding mortgages, insurance, and personal finance. ForTheBestRate.com is owned by CMG Equities, LLC based in Wilmington, North Carolina.