Though the buzz is focused on rates rising some banks and lenders continue to advertise pricing as competitive as anything we've seen throughout this period of repeated record lows being set
Wilmington, NC (PRWEB) August 20, 2012
Mortgage rates were saw a slight increase on average this week, as they continue to inch up from record lows set the week of July 26, 2012 reports ForTheBestRate.com, a consumer focused mortgage research website. Rates advertised on the site reflected the small rise in pricing, though mortgage banks and lenders continue to post extremely low rate and fee combinations. On Friday, August 17th, 2012 30 year fixed mortgage rates were advertised as low as 3.25% (APR: 3.41%, Points: 1.375, Fees in APR: $946, Lender: Home Loan Enterprise.)
15 year fixed pricing was also up slightly, and was posted as low as 2.88% (APR: 2.88%, Points: 0.000, Fees in APR: $0, Lender: Residential Finance Corporation.) 5 year adjustable rate mortgage rates saw a very small decrease on average, and were advertised on ForTheBestRate.com as low as 2.44% (APR: 2.67%, Points: 0.000, Fees in APR: $1553, Lender: ThirdFederal Savings & Loan.)
A report released Thursday, August 16th, 2012 from Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, confirmed that interest rates for fixed products continue to rise. The weekly survey of mortgage rates showed that for the week ending August 16th, 2012 30 year fixed mortgage rates averaged 3.62% (0.6 points.) This shows rates have risen from the average one week earlier, 3.49% (0.7.) 15 year mortgage rates also increased, to 2.88% (0.6 points) on average from 2.80% (0.7 points.)
"Though the buzz is focused on rates rising some banks and lenders continue to advertise pricing as competitive as anything we've seen throughout this period of repeated record lows being set," said Nat Criss, CEO of ForTheBestRate.com. "On average rates are up some, but there are still incredible deals to be had - it really pays to shop around and compare offers from a number of different mortgage companies," he continued.
Current mortgage rates for a number of different residential mortgage programs can be viewed on ForTheBestRate.com. Below is a snapshot of California mortgage rates for a variety of products listed on the site on Friday, August 17th, 2012. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Fixed Mortgage Rates
Pleasant Valley Home Mortgage - 3.50% Note Rate, 3.54% APR, 0.000 Points, $790 Fees in APR
Mortgage Capital Associates - 3.50% Note Rate, 3.58% APR, 1.000 Points, $0 Fees in APR
15 Year Fixed Mortgage Rates
Home Loan Enterprise - 2.75% Note Rate, 2.85% APR, 0.125 Points, $946 Fees in APR
First Internet Bank - 2.50% Note Rate, 2.91% APR, 2.000 Points, $1428 Fees in APR
10 Year Fixed Mortgage Rates
Pleasant Valley Home Mortgage - 2.75% Note Rate, 2.85% APR, 0.000 Points, $790 Fees in APR
Roundpoint Mortgage Company - 2.75% Note Rate, 2.96% APR, 1.000 Points, $0 Fees in APR
5 Year Adjustable Rate Mortgage Rates
First Internet Bank - 1.88% Note Rate, 3.04% APR, 2.000 Points, $1428 Fees in APR
Roundpoint Mortgage Company - 2.38% Note Rate, 3.06% APR, 1.000 Points, $0 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.