Wilmington, NC (PRWEB) July 30, 2012
Mortgage rates continue to fall, this time to below 3.5 percent for the popular 30 year fixed product reports ForTheBestRate.com, a consumer focused mortgage research website. On Friday, July 27, 2012 30 year fixed mortgage rates were advertised in the ForTheBestRate rate tables as low as 3.38% (APR: 3.42%, Points: 0.000, Fees in APR: $895, Lender: Online Mortgage Group.) 15 year fixed mortgage rates which also reached new record lows on average, were posted as low as 2.88% (APR: 2.91%, Points: 0.000, Fees in APR: $395, Lender: Online Mortgage Group.)
Adjustable rate mortgage pricing was up slightly, with rates advertised on the site down to 2.88% (APR: 3.20%, Points: 0.000, Fees in APR: $895, Lender: Online Mortgage Group.)
A report released Thursday, July 26th, 2012 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 weekly survey of mortgage rates revealed that for the week ending July 26th, 2012 30 year fixed mortgage rates were 3.49% (0.7 points) on average. This is down slightly from 3.53% (0.7,) the average one week earlier, and represents the first time on record that interest rates for this program dipped below 3.50%. 15 year mortgage rates also decreased by a similar margin, to an average of 2.80% (0.7 points) from 2.83% (0.6 points.)
"As rates continue to move lower it opens up a refinancing window for more and more homeowners," commented Shaun Hamman, VP of Residential Lending at American Financial Resources, a National mortgage lender. "To see 30 year fixed mortgage loans available at rates below 3.5 percent is truly unprecedented. It will allow many with what were previously very low interest rates to see substantial savings," 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 27, 2012. Atlanta, GA 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
Roundpoint Mortgage Company - 3.25% Note Rate, 3.41% APR, 2.000 Points, $0 Fees in APR
Quicken Loans - 3.38% Note Rate, 3.65% APR, 2.000 Points, $2337 Fees in APR
15 Year Fixed Mortgage Rates
Roundpoint Mortgage Company - 2.63% Note Rate, 2.91% APR, 2.000 Points, $0 Fees in APR
Quicken Loans - 2.75% Note Rate, 3.23% APR, 2.000 Points, $2150 Fees in APR
10 Year Fixed Mortgage Rates
Online Mortgage Group - 2.75% Note Rate, 2.75% APR, 0.000 Points, $0 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
Online Mortgage Group - 2.88% Note Rate, 3.36% APR, 2.000 Points, $895 Fees in APR
Quicken Loans - 2.63% Note Rate, 3.30% 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.