For those still looking for the right home it's wonderful news that home buying and financing is still so affordable, especially since in this market house hunting can take some time
Wilmington, NC (PRWEB) July 02, 2012
Mortgage rates for both the 30 year fixed and 15 year fixed home loan programs tied record lows set earlier this month, reports mortgage rate research website, ForTheBestRate.com. This represented a slight drop for 15 year mortgage rates and no change for the 30 year fixed rate product. The interest rates advertised on the website by a variety of banks and lenders reflected this historic pricing. On Friday, June 29th, 2012 30 year fixed mortgage rates posted in the rate tables on ForTheBestRate.com went as low as 3.25% (APR: 3.41%, Points: 2, Fees: $0, Lender: Mortgage Capital Associates.) 15 year fixed pricing was advertised as low as 2.88% (APR: 2.88%, Points: 0, Fees: $0, Lender: Mortgage Capital Associates.)
The weekly survey of mortgage rates released by Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, on Thursday, June 28th, 2012 also showed the cost of home financing holding steady. The data revealed that 30 year fixed mortgage rates remained at an average of 3.66% (0.7 points), the same pricing seen one week before. 15 year fixed rates decreased just slightly on average to 2.94% (0.7 points) from 2.95% (0.6 points) one week earlier. 5 year adjustable rate pricing was up a small amount to 2.79% (0.6 points) on average, from 2.77% (0.6 points.)
"Mortgage rates remaining at these historic lows means a continued excellent opportunity for home buyers," commented Brian Mitchell, Sales Manager with Gateway Bank Mortgage. "For those still looking for the right home it's wonderful news that home buying and financing is still so affordable, especially since in this market house hunting can take some time," he continued.
Below is a snapshot of interest rates for a variety of programs listed on 6/29/12 on ForTheBestRate.com. Wilmington, NC 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)
American Financial Resources - 3.38% Note Rate, 3.46% APR, 1.000 Points, $0 Fees in APR
Credence Mortgage - 3.25% Note Rate, 3.50% APR, 2.000 Points, $1870 Fees in APR
15 Year Mortgage Rates (0 Points)
Gold Star Mortgage Financial Group - 2.88% Note Rate, 3.10% APR, 1.000 Points, $900 Fees in APR
Roundpoint Mortgage Company - 2.75% Note Rate, 3.04% APR, 2.000 Points, $0 Fees in APR
5/1 ARM Mortgage Rates (0 Points)
QuickenLoans - 2.75% Note Rate, 3.35% APR, 2.000 Points, $1400 Fees in APR
Greenlight Financial Service - 2.38% Note Rate, 3.17% APR, 1.000 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.