with the long term nature of mortgage loans today's buyers (or those refinancing) could conceivably still be paying on a 3.500% mortgage rate 30 years from now, hopefully in healthier, growing economy
Wilmington, NC (PRWEB) July 16, 2012
For the second consecutive week average interest rates for fixed rate home loans fell from record lows to set new historical low points, reports ForTheBestRate.com, a consumer focused mortgage research website. On Friday, July 13th, 2012 30 year fixed mortgage rates as low as 3.38% (APR: 3.46%, Points: 1.000, Fees in APR: $0, Lender: American Financial Resources) were advertised in the rate tables on the website. 15 year fixed rates also dropped to new historic lows on average, which was reflected in the mortgage rates advertised in the ForTheBestRate.com rate tables. Rates as low as 2.88% (APR: 3.02%, Points: 1.000, Fees in APR: $0, Lender: Roundpoint Mortgage Company) were posted.
Data released Thursday, July 5th, 2012 in the weekly survey of mortgage rates from Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, confirmed the drop in the cost of home financing. The report showed that for the week ending July 12th, 2012 rates for 30 year fixed rate mortgages averaged 3.56% (0.7 points.) This was a decrease from the week before when the average pricing was 3.62% (0.8 points.) 15 year mortgage rates also moved lower to an average of 2.86% (0.7 points) from 2.89% (0.7 points.)
"The continued availability of incredibly low mortgage rates is a powerful incentive for would be home buyers to enter the real estate market," commented Shaun Hamman, VP of Residential Mortgage Lending at American Financial Resources, a National mortgage lender. "And with the long term nature of mortgage loans today's buyers (or those refinancing) could conceivably still be paying on a 3.500% mortgage rate 30 years from now, hopefully in healthier, growing economy," 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, July 13, 2012. Philadelphia, PA 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
Greenlight Financial Services - 3.38% Note Rate, 3.55% APR, 1.000 Points, $1995 Fees in APR
Quicken Loans - 3.50% Note Rate, 3.74% APR, 2.000 Points, $1587 Fees in APR
15 Year Fixed Mortgage Rates
Univest - 2.88% Note Rate, 2.93% APR, 0 Points, $600 Fees in APR
Roundpoint Mortgage Company - 2.88% Note Rate, 3.02% APR, 1.000 Points, $0 Fees in APR
10 Year Fixed Mortgage Rates
Quicken Loans - 2.88% Note Rate, 3.31% APR, 1.000 Points, $1775 Fees in APR
Greenlight Financial Services - 2.75% Note Rate, 3.22% APR, 1.000 Points, $1995 Fees in APR
5 Year Adjustable Rate Mortgage Rates
Roundpoint Mortgage Company - 2.50% Note Rate, 3.12% APR, 1.000 Points, $0 Fees in APR
Quicken Loans - 2.63% Note Rate, 3.31% APR, 2.000 Points, $1400 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.