We also benefit when more people are in mortgages they can afford, which can work to stem the tide of foreclosures that has impacted the housing market very negatively in recent years.
Wilmington, NC (PRWEB) November 11, 2011
Mortgage rate research website, ForTheBestRate.com reported that pricing advertised on the site dropped considerably as concerns over the state of financial rescue package in the European Union resulted in increased investment in more secure US government bonds. On Friday, November 4th, 2011 rates for a 30 year fixed mortgage as low as 3.750% were posted (Points: 1.508, Fees: $1995, APR: 3.958%, Lender: AmeriSave), down from 4.000%, the lowest 30 year fixed price on the previous Friday, October 28th (Points: 1.25, Fees: $875, APR: 4.142%, Lender: Gateway Bank Mortgage.)
Pricing for other loan programs fell as well, with extremely low pricing represented for a variety of mortgage products. 15 year fixed interest rates as low as 3.125% were posted (Points: 1, Fees: $950, APR: 3.340%, Lender: United Pacific Mortgage,) and 5 year arm rates were advertised as low as 3.500% (Points: 0, Fees: $1200, Lender: AIG Bank.)
"Falling rates is good news for mortgage shoppers," said Shaun Hamman, Vice President with American Financial Resources, a national mortgage lender based in Parsippany, NJ. "It's great for individual homeowners who can save on their monthly mortgage costs, and it's healthy for the overall economy to have more money available for other spending. We also benefit when more people are in mortgages they can afford, which can work to stem the tide of foreclosures that has impacted the housing market very negatively in recent years."
Consumers can view hcurrent mortgage rates for their area at ForTheBestRate.com. Interest rates are posted by a variety of mortgage banks, lenders, and brokers and are displayed side by side for easy comparison shopping. Availability of rates will vary based on the individual details of the loan scenario and the credit portfolio of the borrowers.
Below is a snapshot of mortgage rates for a variety of products listed on ForTheBestRate.com on Monday, November 7, 2011. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Mortgage Rates (0 Points)
AmeriSave – 4.125% Note Rate – 3.969% APR – $1995 Fees in APR
Gateway Bank Mortgage – 4.000% Note Rate – 4.036% APR – $875 Fees in APR
15 Year Mortgage Rates (0 Points)
Atlantic Mortgage & Funding - 3.250% Note Rate - 3.251% APR - $10 Fees in APR
Gateway Bank Mortgage - 3.375% Note Rate - 3.461% APR - $3.356 Fees in APR
10 Year Mortgage Rates (0 Points)
Gateway Bank Mortgage - 3.250% Note Rate - 3.374% APR - $1175 Fees in APR
Quicken Loans - 3.375% Note Rate - 3.593% APR - $2053 Fees in APR
3/1 ARM Rates (0 Points)
National Mortgage Alliance - 2.875% Note Rate - 2.953% APR - $2000 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.
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