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30 Year Fixed Mortgage Rates Fall to Record Low 3.34% Average According to ForTheBestRate.com(November 20, 2012)
Wilmington, NC (PRWEB) November 20, 2012
Mortgage rates have once again set new record lows on average reports ForTheBestRate.com, a consumer focused mortgage research website. The pricing advertised in the rate tables on the website fell as mortgage banks and lender adjusted their rates for various loan programs. On Friday, November 16th, 2012 30 year fixed mortgage rates were posted as low as 3.000% (APR: 3.159%, Points: 2.000, Fees in APR: $0, Lender: Residential Finance Corporation,) and 15 year fixed mortgage rates as low as 2.625% (APR: 2.625%, Points: 0.000, Fees in APR: $0, Lender: American Financial Resources.) 10 year fixed mortgage rates were advertised as low as 2.750% (APR: 2.750%, Points: 0.000, Fees in APR: $0, Lender: Roundpoint Mortgage Company.)
Mortgage pricing data released Thursday, November 15th, 2012 in the weekly mortgage rate survey from Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, also revealed that mortgage pricing had dropped to historic levels. 30 year fixed rates averaged a record low 3.34% (0.7 points) for the week ending November 15th, 2012, down from 3.40% (0.7 points,) the average one week earlier. 15 year mortgage rates also reached a new historic low, moving to 2.65% (0.7 points) on average, down from last week's 2.69% (0.7 points) average.
5 year adjustable rate mortgage pricing was up just slightly, to 2.74% (0.6 points) on average from 2.73% (0.6) the week prior.
"It's nothing short of remarkable to see 30 year fixed mortgage rates move even lower into the bottom half of the three percent range," commented Shaun Hamman, VP of Residential Lending at American Financial Resources. "The cost of borrowing money to purchase or refinance a home remains incredibly low, and this is something today's home buyers and homeowners could continue to benefit from for decades in the future as it enables them to build net worth," 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 11/16/2012. Louisville, Kentucky 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 Mortgage Rates
American Financial Resources - 3.125% Note Rate, 3.204% APR, 1.000 Points, $0 Fees in APR
AmeriSave - 3.000% Note Rate, 3.217% APR, 1.517 Points, $1995 Fees in APR
15 Year Mortgage Rates
Residential Finance Corporation - 2.500% Note Rate, 2.643% APR, 1.000 Points, $0 Fees in APR
Roundpoint Mortgage Company - 2.375% Note Rate, 2.661% APR, 2.000 Points, $0 Fees in APR
10 Year Mortgage Rates
American Financial Resources - 2.625% Note Rate, 2.625% APR, 0.000 Points, $0 Fees in APR
EverBank - 2.625% Note Rate, 2.858% APR, 0.000 Points, $855 Fees in APR
5 Year Adjustable Rate Mortgage Rates
First Internet Bank - 1.875% Note Rate, 2.000% APR, 2.000 Points, $1428 Fees in APR
EverBank - 2.250% Note Rate, 2.857% APR, 0.000 Points, $855 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.
Read the full story at http://www.prweb.com/releases/interest-rates/30-15-hit-new-lows/prweb10149396.htm.
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