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Mortgage Rates Drop According to ForTheBestRate.com

(September 04, 2012)

Wilmington, NC (PRWEB) September 04, 2012

Fixed mortgage rates fell on average this week, reversing course after four straight weeks of small increases reports ForTheBestRate.com, a consumer focused mortgage research website. The interest rates advertised on the site by mortgage banks and lenders reflects the decrease. On Thursday, August 30th, 2012 30 year fixed rates as low as 3.13% (APR: 3.32%, Points: 1.180, Fees in APR: $1995, Lender: AimLoan.com) were posted, and 15 year fixed pricing went as low as 2.75% (APR: 2.75%, Points: 0.000, Fees: $0, Lender: Credence Mortgage.)

A Thursday, August 30th, 2012 report from Freddie Mac, a government sponsored enterprise which purchases mortgage loans on the secondary market, also showed the reduction in mortgage rates. The weekly survey of mortgage rates showed that for the week ending August 30th, 2012 30 year fixed mortgage rates averaged 3.59% (0.6 points,) down from 3.66 (0.7 points,) the average the week before. 15 year mortgage rates also fell, to 2.86% (0.6 points) on average from 2.89% (0.7 points.)

Historically this pricing is extremely low. Mortgage rates have rarely been below this point since record keeping began more than four decades ago. Last year at this time average 30 year fixed mortgage rates were 4.22% on average.

"It's always welcome news to see mortgage rates moving lower when you're in the market for a refinance or new property," commented Brian Mitchell, Sales Manager with Gateway Bank Mortgage, a Wilmington, North Carolina mortgage lender. "With rates close to as low as they've ever been historically it's an excellent time to take out a new mortgage, and we continue to work with clients who can save by refinancing," 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 Thursday, August 30th, 2012. Raleigh, IN 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
AmeriSave - 3.13% Note Rate, 3.33% APR, 1.362 Points, $1995 Fees in APR
Credence Mortgage - 3.25% Note Rate, 3.35% APR, 1.000 Points, $368 Fees in APR

15 Year Fixed Mortgage Rates
NFM Inc. - 2.88% Note Rate, 2.88% APR, 0.000 Points, $0 Fees in APR
AmeriSave - 2.38% Note Rate, 2.83% APR, 1.925 Points, $1995 Fees in APR

10 Year Fixed Mortgage Rates
NFM Inc. - 2.75% Note Rate, 2.75% APR, 0.000 Points, $0 Fees in APR
EverBank - 2.75% Note Rate, 2.86% APR, 0.000 Points, $855 Fees in APR

5 Year Adjustable Rate Mortgage Rates
LoanDepot - 2.38% Note Rate, 2.66% APR, 1.010 Points, $0 Fees in APR
Aurora Financial - 2.63% Note Rate, 2.67% APR, 0.000 Points, $0 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/interest-rates/shift-lower/prweb9857481.htm.

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