Though we've been seeing extremely low mortgage rates since late 2011 there are still many homeowners who could benefit from a refinance
Wilmington, NC (PRWEB) April 06, 2012
Mortgage rates fell on average this week reports mortgage rate research website, ForTheBestRate.com. After climbing above 4.00% for 30 year fixed rate loans the week of March 22, 2012, average 30 year fixed rates have remained in the high three percent range for another week. On Thursday, April 5th, 2012 30 year fixed rate pricing as low as 3.500% (APR: 3.663%, Points: 2, Fees: $0, Lender: First Financial Services, Inc.) was advertised on the site. 15 year fixed rate pricing was posted in the rate tables as low as 2.750% (APR: 3.039%, Points: 2, Fees: $0, Lender: First Financial Services, Inc.)
Data released by Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, in the report of its weekly survey of mortgage rates also showed the drop in mortgage pricing. The report revealed that across the US 30 year fixed rates averaged 3.98% (0.7 points), down slightly from 3.99% (0.7 points) the week before. 15 year fixed rates moved lower on average as well, to 3.21% (0.7 points) from 3.23% (0.7 points.) The average pricing for 5 year adjustable rate loans fell by a bit larger margin to 2.86% (0.8 points) after reaching 2.90 (0.8 points) one week earlier.
"Though we've been seeing extremely low mortgage rates since late 2011 there are still many homeowners who could benefit from a refinance, and there are people taking advantage of this low rate opportunity every day," said Nat Criss, Managing Partner of CMG Equities, LLC, which runs ForTheBestRate.com. "Some of these have seen their situation change, maybe they started a new job or their property value increased some moving them into a position to qualify when they might not have before, while others simply haven't gotten around to taking action until now," 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 4/5/2012. South Carolina 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 Mortgage Rates (0 Points)
AimLoan.com - 3.875% Note Rate, 3.958% APR, $1995 Fees in APR
Amerisave - 4.125% Note Rate, 4.209% APR, $1995 Fees in APR
15 Year Mortgage Rates (0 Points)
Quicken Loans - 3.625% Note Rate, 3.758% APR, $1807 Fees in APR
Amerisave - 3.250% Note Rate, 3.395% APR, $1995 Fees in APR
30 Year FHA Mortgage Rates (0 Points)
Myers Park - 3.750% Note Rate, 3.932% APR, $4395 Fees in APR
National Mortgage Alliance - 3.500% Note Rate, 3.581% APR, $2000 Fees in APR
15 Year FHA Mortgage Rates (0 Points)
National Mortgage Alliance - 2.750% Note Rate, 2.886% APR, $1900 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, NC.