For new home buyers to be able to borrow at that rate with a low down payment and few out of pocket costs represents an unprecedented home buying opportunity
Wilmington, NC (PRWEB) May 22, 2012
Mortgage rates for fixed rate home loan programs fell for the fourth consecutive week, dropping on average to new record lows, reports mortgage rate research website, ForTheBestRate.com. On Friday, May 18th, 2012 30 year fixed interest rates as low as 3.625% (APR: 3.626%, Points: 0, Fees: $15, Lender: Atlantic Mortgage & Funding) were advertised on the website.
Interest rates for 15 year fixed rate mortgages have also continued the downward trend, with pricing as low as 2.875% (APR: 2.925%, Points: 0, Fees: $695, Lender: Atlantic Mortgage & Funding) posted in the mortgage rate tables.
The weekly survey of mortgage rates from Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, released on Thursday, May 17th, 2012 also showed the historic drop in average home loan pricing. Average 30 year fixed rate from across the US fell to 3.79% (0.7 points), down from 3.83% (0.7 points) one week earlier. 15 year fixed home loan pricing was also down on average, reaching 3.04% (0.7 points) after averaging the slightly higher 3.05% (0.7 points) the week before.
Government loans have also dropped to remarkably low levels, with some mortgage banks and lenders advertising FHA and VA loan pricing similar to or even lower than that of comparable conventional products.
"Home affordability really is incredible right now," commented Nat Criss, CEO of ForTheBestRate.com. "It's almost hard to believe we're seeing FHA loan rates down to 3.5% [APR: 3.528%, Points: 0, Fees: %695.] For new home buyers to be able to borrow at that rate with a low down payment and few out of pocket costs represents an unprecedented home buying opportunity," he continued.
Below is a snapshot of interest rates for a variety of programs listed on 5/18/12 on ForTheBestRate.com. Virginia 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 Mortgage Rates (0 Points)
Quicken Loans - 3.99% Note Rate, 4.076% APR, $2057 Fees in APR
AmeriSave Mortgage Corporation - 3.750% Note Rate, 3.832% APR, $1995 Fees in APR
15 Year Mortgage Rates (0 Points)
Quicken Loans - 3.375% Note Rate, 3.562% APR, $2557 Fees in APR
Amerisave Mortgage Corporation - 3.000% Note Rate, 3.144% APR, $1995 Fees in APR
30 Year FHA Mortgage Rates (0 Points)
Atlantic Mortgage & Funding - 3.500% Note Rate, 3.528% APR, $695 Fees in APR
30 Year VA Mortgage Rates (0 Points)
Atlantic Mortgage & Funding - 3.500% Note Rate, 3.500% APR, $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.