Rising interest rates are a good reminder that the current window where home ownership is incredibly affordable will not stay constant forever
Wilmington, North Carolina (PRWEB) August 21, 2012
Fixed mortgage rates were up slightly this week for both 30 year and 15 year home loan products, reports mortgage rate research website, BurlingtonMortgage.biz. Interest rates posted in the rate tables on the website reflected the small increase, with 30 year fixed home loan pricing posted as low as 3.13% (APR: 3.35%, Points: 1.564, Fees in APR: $1995, Lender: AimLoan.com,) and 15 year fixed mortgage rates shown as low as 2.88% (APR: 2.88%, Points: 0.000, Fees in APR: $0, Lender: Residential Mortgage Corporation) on Friday, August 17th.
Positive economic news from many sectors of the US economy led to lower demand for US Treasuries. On August 14th, 2012 the US Department of Commerce released data showing a 0.8 percent increase in retail sales in July 2012 over the month before, and a 3.7 percent increase over the same period one year earlier.
"Rising interest rates are a good reminder that the current window where home ownership is incredibly affordable will not stay constant forever," commented Shaun Hamman, VP of Residential Lending at American Financial Resources, a National mortgage lender. "We are seeing many clients who had been holding off moving up to a larger residence or purchasing that second home while they waited for a bit more economic security start to take action to take advantage of this home buying environment," he continued.
Current mortgage rates for a number of different residential mortgage programs can be viewed on BurlingtonMortgage.biz. Below is a snapshot of mortgage rates for a variety of products listed on the site on 8/17/2012. New Orleans, LA 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
Residential Mortgage Corporation - 3.38% Note Rate, 3.54% APR, 2.000 Points, $0 Fees in APR
AmeriSave - 3.38% Note Rate, 3.59% APR, 1.473 Points, $1995 Fees in APR
15 Year Fixed Mortgage Rates
AimLoan.com - 2.75% Note Rate, 2.92% APR, 0.000 Points, $1995 Fees in APR
New Penn Financial - 2.88% Note Rate, 2.96% APR, 0.000 Points, $995 Fees in APR
10 Year Fixed Mortgage Rates
First Internet Bank - 2.75% Note Rate, 2.93% APR, 0.000 Points, $1428 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
AimLoan.com - 1.88% Note Rate, 3.04% APR, 1.759 Points, $1995 Fees in APR
Roundpoint Mortgage Company - 2.63% Note Rate, 3.07% APR, 0.000 Points, $0 Fees in APR
BurlingtonMortgage.biz is a website that offers information regarding mortgages and personal finance. BurlingtonMortgage.biz is owned by CMG Equities, LLC based in Wilmington, North Carolina.
Update 2/19/2013: BurlingtonMortgage.biz is now PriceAMortgage.com which is also owned and operated by CMG Equities, LLC in Wilmington, North Carolina.