The home buyers who are purchasing homes today will benefit from this low rate environment for many years to come.
Wilmington, NC (PRWEB) October 10, 2012
Mortgage rates dropped this week as the US Federal Reserve continued its purchases of mortgage backed securities, reports mortgage rate research website ForTheBestRate.com. This latest decrease brought rates to new record lows for the second consecutive week for both 30 year fixed and 15 year fixed rate mortgage loans.
The mortgage pricing advertised by mortgage banks and lenders on ForTheBestRate.com reflected the record low interest rates. On Friday, October 5th, 2012 30 year fixed rates as low as 3.000% (APR: 3.214%, Points: 1.500, Fees in APR: $1950, Lender: LenderFi) were posted in the rate tables. 15 year fixed rates were advertised as low as 2.625% (APR: 2.733%, Points: 0.000, Fees in APR: $1250, Lender: National Mortgage Alliance,) and 5 year adjustable pricing as low as 2.390% (APR: 2.647%, Points: 0.000, Fees in APR: $1553, Lender: Third Federal Savings & Loan.)
The Bureau of Labor Statistics released a report on employment Friday, October 5th, 2012 revealing that the US economy added 114,000 jobs in September, dropping the unemployment rate to 7.8 percent. Positive employment news historically often puts upward pressure on mortgage pricing, though the continued purchase of mortgage backed securities by the US Federal Reserve is intended to keep long term interest rates low.
"It's remarkable to see that fixed mortgage rates have fallen to this level," commented Shaun Hamman, VP of Residential Lending at American Financial Resources. "The home buyers who are purchasing homes today will benefit from this low rate environment for many years to come. This is a wonderful opportunity for those in the position to buy a home or refinance a higher rate mortgage," 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 10/5/2012. Memphis, TN mortgage rates used in the following examples. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Mortgage Rates
Advanced Home Funding - 3.375% Note Rate, 3.375% APR, 0.000 Points, $0 Fees in APR
National Mortgage Alliance - 3.375% Note Rate, 3.392% APR, 0.000 Points, $350 Fees in APR
15 Year Mortgage Rates
Advanced Home Funding - 2.750% Note Rate, 2.750% APR, 0.000 Points, $0 Fees in APR
LenderFi - 2.500% Note Rate, 2.777% APR, 0.750 Points, $1950 Fees in APR
5 Year ARM Rates
Loan Dept - 2.375% Note Rate, 2.648% APR, 1.010 Points, $0 Fees in APR
McGlone Mortgage Company - 3.500% Note Rate, 3.017% APR, 0.000 Points, $1268 Fees in APR
3 Year ARM Rates
LenderFi - 2.875% Note Rate, 3.238% APR, 0.000 Points, $1950 Fees in APR
Third Federal Savings & Loan - 2.090% Note Rate, 2.618% APR, 0.000 Points, $1553 Fees in APR
ForTheBestRate.com is a website that offers information regarding mortgages and personal finance. ForTheBestRate.com is owned by CMG Equities, LLC based in Wilmington, North Carolina.