A slight pricing adjustment isn't likely to make or break the affordability of a home
Wilmington, NC (PRWEB) May 13, 2013
Mortgage rates for the most popular programs were up on average this week reports mortgage rate research website, ForTheBestRate.com, likely influenced by positive employment news. Though the cost of home financing remains historically low, it was slightly higher after several weeks of downward momentum. On Friday, May 10th, 2013 30 year fixed mortgage rates were advertised in the rate tables on ForTheBestRate.com as low as 3.375% (APR: 3.375%, Points: 0.000, Fees in APR: $0, Lender: Aurora Financial.)
15 year fixed rates were posted as low as 2.625% (APR: 2.625%, Points: 0.000, Fees in APR: $0, Lender: Roundpoint Mortgage Company,) and 5/1 ARM interest rates as low as 2.375% (APR: 2.565%, Points: 0.000, Fees in APR: $750, Lender: WCS Lending) were advertised.
The April 2013 Employment Report released Friday, May 3rd, 2013 by the U.S. Bureau of Labor Statistics revealed that 165,000 jobs were added to the economy in April, bringing the unemployment rate to 7.5 percent. Mortgage markets often react to strong economic news with an increase in rates as investors are drawn away from the safety of US Treasuries towards the potential of higher returns in other markets.
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, May 9th, 2013 also revealed the uptick in pricing. The data showed that 30 year fixed mortgage rates rose to an average of 3.42% (0.7 points), up slightly from 3.35% (0.7 points) the week before. 15 year fixed rates were also up a bit on average to 2.61% (0.7 points) from 2.56% (0.7 points) one week earlier. 5 year adjustable rate pricing moved to 2.58% (0.5 points) on average, up from 2.56% (0.5 points.)
1 year adjustable rates moved lower this week, averaging 2.53% (0.4 points), just below the 2.56% (0.3 points) average one week before.
"Mortgage rates moving higher is a good reminder that there's no guarantee they'll keep going lower forever, but it's also no cause for alarm," says Nat Criss, CEO of ForTheBestRate.com. "A slight pricing adjustment isn't likely to make or break the affordability of a home," he continued.
Below is a snapshot of interest rates for a variety of programs listed on 5/10/13 on ForTheBestRate.com. Raleigh, 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 Fixed Mortgage Rates
Credence Mortgage - 3.250% Note Rate, 3.391% APR, 1.000 Points, $1240 Fees in APR
National Mortgage Alliance - 3.250% Note Rate, 3.416% APR, 0.000 Points, $3400 Fees in APR
15 Year Fixed Mortgage Rates
Pleasant Valley Home Mortgage - 2.625% Note Rate, 2.625% APR, 0.000 Points, $0 Fees in APR
AimLoan.com - 2.375% Note Rate, 2.660% APR, 0.784 Points, $1995 Fees in APR
10 Year Fixed Mortgage Rates
Roundpoint Mortgage Company - 2.375% Note Rate, 2.583% APR, 1.000 Points, $0 Fees in APR
New American Funding - 2.500% Note Rate, 2.600% APR, 0.000 Points, $795 Fees in APR
5 Year Adjustable Rate Mortgage Rates
Third Federal Savings & Loan - 2.390% Note Rate, 2.615% APR, 0.000 Points, $1703 Fees in APR
Loan Depot - 2.625% Note Rate, 2.653% APR, 0.500 Points, $0 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.