We appear to be reaching a great balance for home buyers - interest rates are still incredibly low, but consumer confidence is headed up
Wilmington, NC (PRWEB) August 13, 2013
Mortgage rates for the most popular programs rose on average this week reports mortgage rate research website, ForTheBestRate.com, pushed higher by news of the strengthening economy. The cost of home financing is still incredibly low, even as it inches above record lows set in recent weeks. On Friday, May 17th, 2013 30 year fixed mortgage rates were advertised in the rate tables on ForTheBestRate.com as low as 3.250% (APR: 3.429%, Points: 1.010, Fees in APR: $1995, Lender: AimLoan.com.)
15 year fixed rates were posted as low as 2.625% (APR: 2.625%, Points: 0.000, Fees in APR: $0, Lender: Roundpoint Mortgage Company,) and 5/1 ARM interest rates as low as 1.875% (APR: 2.753%, Points: 0.962, Fees in APR: $1995, Lender: AmeriSave) were advertised.
The weekly survey of mortgage rates released by Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, on Thursday, May 16th, 2013 also showed pricing inching higher. The data showed that 30 year fixed mortgage rates rose to an average of 3.51% (0.7 points) across all US markets, up slightly from 3.42% (0.7 points) the week before. 15 year fixed rates were also up on average to 2.69% (0.7 points) from 2.61% (0.7 points) one week earlier. 5 year adjustable rate pricing moved to 2.62% (0.5 points) on average, up from 2.58% (0.5 points.)
"We saw better than expected retail sales last month, and news such as this is helping to nudge mortgage rates slightly higher," commented Shaun Hamman, VP of Residential Lending at American Financial Resources, a National mortgage lender with its headquarters in Parsippany, NJ. "We appear to be reaching a great balance for home buyers - interest rates are still incredibly low, but consumer confidence is headed up," he continued.
Below is a snapshot of interest rates for a variety of programs listed on 5/17/13 on ForTheBestRate.com. Omaha, NE mortgage rates represented in this survey. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Fixed Mortgage Rates
AmeriSave - 3.250% Note Rate, 3.465% APR, 1.446 Points, $1995 Fees in APR
First Internet Bank - 3.250% Note Rate, 3.482% APR, 2.000 Points, $1428 Fees in APR
15 Year Fixed Mortgage Rates
MidCountry Bank - 2.625% Note Rate, 2.686% APR, 0.000 Points, $705 Fees in APR
AmeriSave - 2.375% Note Rate, 2.721% APR, 1.200 Points, $1995 Fees in APR
10 Year Fixed Mortgage Rates
First Internet Bank - 2.500% Note Rate, 2.892% APR, 1.000 Points, $1428 Fees in APR
Discover Home Loans - 2.625% Note Rate, 3.059% APR, 1.000 Points, $1750 Fees in APR
5 Year Adjustable Rate Mortgage Rates
Roundpoint Mortgage Company - 2.375% Note Rate, 2.755% APR, 0.000 Points, $0 Fees in APR
Capital One - 2.375% Note Rate, 2.868% APR, 1.000 Points, $786 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.