Now that they've come back up a bit, the window of opportunity for taking advantage of this historically low pricing is still firmly open, but we've gotten a reminder it might not always be that way.
Wilmington, NC (PRWEB) August 13, 2012
Mortgage rates rose this week, the second increase in as many weeks reversing the trend of repeated record setting drops in pricing, reports ForTheBestRate.com, a consumer focused mortgage research website. On Thursday, August 9th, 2012 30 year fixed mortgage rates were advertised in the ForTheBestRate rate tables as low as 3.13% (APR: 3.34%, Points: 1.468, Fees in APR: $1995, Lender: AimLoan.com.) 15 year fixed mortgage rates which also inched up, were posted as low as 2.75% (APR: 2.84%, Points: 0.000, Fees in APR: $995, Lender: New Penn Financial.)
Adjustable rate mortgage pricing was also up slightly on average, with interest rates advertised on ForTheBestRate.com as low as 2.24% (APR: 2.68%, Points: 1.000, Fees in APR: $1638, Lender: Third Federal Savings & Loan.)
A weekly survey of mortgage rates released Thursday, August 9th, 2012 from Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, confirmed the rise in the cost of home financing. The report revealed that for the week ending August 9th, 2012 30 year fixed mortgage rates rose to an average of 3.59% (0.6 points) from the slightly lower 3.55% (0.7 points) which was the average one week earlier. 15 year mortgage rates increased by an even smaller margin, moving to an average of 2.84% (0.6 points) from 2.83% (0.6 points.)
"When mortgage rates reverse course after week after week or month after month of falling prices, it can sometimes have a positive motivating effect on homeowners," commented Shaun Hamman, VP of Residential Lending at American Financial Resources, a National mortgage lender. "When considering a refinance it's easy to get caught up in watching the market and hold off taking action while waiting to see just how low rates can go. Now that they've come back up a bit, the window of opportunity for taking advantage of this historically low pricing is still firmly open, but we've gotten a reminder it might not always be that way," 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 Thursday, August 10th, 2012. Miami, FL 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
New Penn Financial - 3.25% Note Rate, 3.38% APR, 1.000 Points, $995 Fees in APR
Absolute Mortgage - 3.25% Note Rate, 3.38% APR, 0.000 Points, $2697 Fees in APR
15 Year Fixed Mortgage Rates
AmCapFunding - 2.88% Note Rate, 2.94% APR, 0.000 Points, $795 Fees in APR
AmeriSave - 2.50% Note Rate, 2.94% APR, 1.866 Points, $1995 Fees in APR
10 Year Fixed Mortgage Rates
EverBank - 2.75% Note Rate, 2.86% APR, 0.000 Points, $855 Fees in APR
Roundpoint Mortgage Company - 2.88% Note Rate, 2.88% APR, 0.000 Points, $0 Fees in APR
5 Year Adjustable Rate Mortgage Rates
AmCapFunding - 2.75% Note Rate, 2.73% APR, 0.000 Points, $795 Fees in APR
AimLoan.com - 2.13% Note Rate, 3.05% APR, 0.722 Points, $1995 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.