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Average 30 Year Fixed Rate Mortgages Set New Record Low As They Dip Further Below 4% According to ForTheBestRate.com

  (June 11, 2012)

Wilmington, NC (PRWEB) June 11, 2012

Mortgage rates dropped again on average this week, reports mortgage rate research website, ForTheBestRate.com. Small drops in pricing in each of the previous six weeks have led to repeated record breaking interest rates, and this week was no exception, with the lowest average rate on record for the 30 year fixed home loan product reported.

On Thursday, June 7th, 2012 30 year fixed mortgage rates as low as 3.25% (APR: 3.41%, Points: 1.362, Fees: $995, Lender: AimLoan.com) were advertised on the website. Interest rates for 15 year fixed home loans were posted as low as 2.63% (APR: 2.89%, Points: 1.218, Fees: $995, Lender: AIMLoan.com.)

Interest rate data released by Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, in its weekly mortgage pricing survey confirmed the unprecedented low cost of home financing. The Thursday, June 7th, 2012 report showed that across US markets 30 year fixed mortgage rates dropped to an average of 3.67% (0.7 points). This represent a larger drop than seen in recent weeks, down from 3.75% (0.8 points) one week earlier. Average 15 year fixed mortgage pricing fell by a smaller margin to 2.94% (0.7 points), down from 2.97% (0.7 points).


"Consumers who haven't been following the historic drop in mortgage pricing might see today's 30 year fixed mortgage rates and assume they are looking at 15 year fixed or adjustable rate prices," commented Nat Criss, Managing Partner of CMG Equities, LLC, which runs ForTheBestRate.com. "A year or two ago rates in the mid 3% range would have been excellent for either of those products - to have them available coupled with the long term stability of a 30 year loan term is truly a remarkable opportunity for borrowers," 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 Friday, June 8, 2012. Wilmington, North Carolina 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 Fixed Mortgage Rates
Total Mortgage - 3.50% Note Rate, 3.58% APR, 1.000 Points, $799 Fees in APR
Roundpoint Mortgage - 3.63% Note Rate, 3.71% APR, 1.000 Points, $0 Fees in APR

15 Year Fixed Mortgage Rates
Aurora Financial - 3.00% Note Rate, 3.00% APR, 0.000 Points, $0 Fees in APR
Bank of America - 2.88% Note Rate, 3.10% APR, 1.000 Points, $885 Fees in APR

10 Year Fixed Mortgage Rates
Roundpoint Mortgage - 2.75% Note Rate, 2.96% APR, 1.000 Points, $0 Fees in APR
Aurora Financial - 3.00% Note Rate, 3.00% APR, 0.000 Points, $0 Fees in APR

5 Year Adjustable Rate Mortgage Rates
AimLoan.com - 1.88% Note Rate, 2.97% APR, 1.276 Points, $995 Fees in APR
Quicken Loans - 3.38% Note Rate, 3.47% APR, 0.000 Points, $2712 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-move-all-time-lows/prweb9589587.htm.


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