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30 Year Fixed Mortgage Rates Fall to Record Low 3.40% Average According to ForTheBestRate.com

(October 02, 2012)

Wilmington, NC (PRWEB) October 02, 2012

Fixed mortgage rates decreased to new record lows on average reports ForTheBestRate.com, a consumer focused mortgage research website. The pricing advertised by banks and mortgage lenders in the rate tables on the website reflect the historic drop in rates. On Thursday, September 28th, 2012 30 year fixed rate pricing was posted as low as 3.000% (APR: 3.197%, Points: 1.271, Fees in APR: 1995, Lender: AimLoan.com,) and 15 year fixed mortgage rates as low as 2.250% (APR: 2.638%, Points: 1.498, Fees in APR: $1995, Lender: AimLoan.com.) 7 year arm rates were advertised as low as 2.250% (APR: 2.936%, Points: .666, Fees in APR: $1995, Lender: AimLoan.com.)

Mortgage pricing data released Thursday, September 27th, 2012 in the weekly mortgage rate survey from Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, also showed that mortgage pricing had dropped to historic levels. 30 year fixed rates averaged a record setting 3.40% (0.6 points) for the week ending September 27th, 2012, down from 3.49% (0.6 points,) the average the week before. 15 year mortgage rates moved to 2.73% (0.6 points) on average, a drop from last week's 2.77% (0.6 points.)

5 year adjustable rate mortgage pricing was down as well, to 2.71% (0.6 points) on average from 2.76% (0.6) the week prior. Though this was not a record setting drop, ARM rates continue to be very attractive to those who want the lower rates and the lower payment that comes with a 30 year amortization schedule, and are comfortable with possible rate changes in the future.

"Rates have reached the point where even people who took out a mortgage within the last year or two might benefit from refinancing," commented Nat Criss, CEO of ForTheBestRate.com. "When I last refinanced the loan on my personal residence I had what at the time was a pretty amazing rate. With current pricing where it is I can again save enough to warrant refinancing, and locked in with a lender yesterday," 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 9/28/2012. Columbus, OH 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
EverBank - 3.250% Note Rate, 3.291% APR, 0.000 Points, $855 Fees in APR
Roundpoint Mortgage Company - 3.250% Note Rate, 3.411% APR, 2.000 Points, $0 Fees in APR

15 Year Mortgage Rates
Roundpoint Mortgage Company - 2.500% Note Rate, 2.787% APR, 2.000 Points, $0 Fees in APR
AmeriSave - 2.625% Note Rate, 3.089% APR, 1.980 Points, $1995 Fees in APR

10 Year Mortgage Rates
AimLoan.com - 2.250% Note Rate, 2.805% APR, 1.430 Points, $1995 Fees in APR
EverBank - 2.750% Note Rate, 2.858% APR, 0.000 Points, $855 Fees in APR

5 Year Adjustable Rate Mortgage Rates
AimLoan.com - 1.750% Note Rate, 2.924% APR, 1.266 Points, $1995 Fees in APR
EverBank - 2.250% Note Rate, 2.942% APR, 0.000 Points, $855 Fees in APR

About ForTheBestRate.com
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/mortgage-rates/fall-to-lows-in-past-week/prweb9958088.htm.

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