It was only a few weeks ago that 30 year fixed rates of 3.6% were the lowest we'd ever seen for that product.
Wilmington, NC (PRWEB) August 06, 2012
Mortgage rates were up this week, rising above the record low levels set one week earlier reports ForTheBestRate.com, a consumer focused mortgage research website. On Friday, August 3rd, 2012 30 year fixed mortgage rates were advertised in the ForTheBestRate rate tables as low as 3.25% (APR: 3.41%, Points: 2.000, Fees in APR: $0, Lender: Roundpoint Mortgage Company.) 15 year fixed mortgage rates which also inched up, were posted as low as 2.75% (APR: 2.80%, Points: 0.000, Fees in APR: $588, Lender: ABI Mortgage.)
Adjustable rate mortgage pricing was also up slightly, with rates advertised on the site as low as to 2.44% (APR: 2.67%, Points: 0.000, Fees in APR: $1653, Lender: ThirdFederal.)
A report released Thursday, August 2nd, 2012 from Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, confirmed the interest rate increase. The weekly survey of mortgage rates showed that for the week ending August 2nd, 2012 30 year fixed mortgage rates were 3.55% (0.7 points) on average. This is up a small amount from 3.49% (0.7,) the average one week earlier. 15 year mortgage rates also increased, to an average of 2.83% (0.6 points) from 2.80% (0.7 points.)
"Though mortgage rates have climbed a bit it's important to remember that they remain incredibly low," commented Shaun Hamman, VP of Residential Lending at American Financial Resources, a National mortgage lender. "It was only a few weeks ago that 30 year fixed rates of 3.6% were the lowest we'd ever seen for that product," he continued.
Current mortgage rates for a number of different residential mortgage programs can be viewed on ForTheBestRate.com. Below is a snapshot of Illinois mortgage rates for a variety of products listed on the site on Friday, August 3rd, 2012. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Fixed Mortgage Rates
InterBank Mortgage Company - 3.50% Note Rate, 3.50% APR, 0.000 Points, $0 Fees in APR
WCS Lending - 3.5% Note Rate, 3.54% APR, 0.000 Points, $895 Fees in APR
15 Year Fixed Mortgage Rates
First Centennial Mortgage - 2.75% Note Rate, 2.84% APR, 0.000 Points, $1000 Fees in APR
AmeriSave - 2.50% Note Rate, 2.93% APR, 1.763 Points, $1995 Fees in APR
10 Year Fixed Mortgage Rates
InterBank Mortgage Company - 2.75% Note Rate, 2.75% APR, 0.000 Points, $0 Fees in APR
ABI Mortgage - 2.75% Note Rate, 2.81% APR, 0.000 Points, $495 Fees in APR
5 Year Adjustable Rate Mortgage Rates
Third Federal - 2.44% Note Rate, 2.67% APR, 0.000 Points, $1653 Fees in APR
WCS Lending - 2.75% Note Rate, 2.74% APR, 0.000 Points, $895 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.