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Mortgage Rates Hit New Record Lows For Multiple Fixed and Adjustable Rate Home Loan Products(July 23, 2012)
Wilmington, NC (PRWEB) July 23, 2012
Once again mortgage rates have reached new record lows, this time for three of the most popular mortgage products, reports interest rate research website, ForTheBestRate.com. Home mortgage rates dipped this week for 30 year fixed rate loans, 15 year fixed rate loans, and 5/1 adjustable rate mortgage loans.
This unprecedented pricing was reflected in the rate tables on the site, with 30 year fixed rates listed on Thursday, July 19th, 2012 as low as 3.38% (APR: 3.46%, Points: 0.625, Fees in APR: $768, Lender: BB&T,) 15 year fixed rates as low as 2.75% (APR: 2.75%, Points: 0, Fees in APR; $0, Lender: Pleasant Valley Home Mortgage,) and 5/1 ARM rates as low as 2.38% (APR: 3.15%, Points: 2.000, Fees in APR: $0, Lender: Roundpoint Mortgage Company.)
Mortgage pricing data released Thursday, July 19th, 2012 in the weekly survey of mortgage rates from Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, also showed that new record lows were set for mortgage rates. The report showed that on average across all US markets 30 year fixed rates averaged a record low 3.53% (0.7 points) for the week ending July 19th, 2012, down from 3.56% (0.7 points) one week earlier. 15 year mortgage rates dropped by a similar amount to an average of 2.83% (0.6) from 2.86% (0.7 points,) and 5 year ARM rates moved to 2.69% (0.6 points) from 2.74% (0.6 points.)
"There is certainly consumer demand for mortgage rate information as new records continue to be set week after week," commented Nat Criss, Managing Parter of CMG Equities, LLC which runs ForTheBestRate.com. "Traffic from mortgage shoppers to ForTheBestRate.com was up more than 23 percent for the past 30 days when compared to the same time period last year when average 30 year fixed mortgage rates ranged from 4.50% with 0.8 points to 4.60 with 0.7 points" 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 7/19/2012. Charlotte, 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 Mortgage Rates
Pleasant Valley Home Mortgage - 3.50% Note Rate, 3.50% APR, 0.000 Points, $0 Fees in APR
Greenlight Financial Services - 3.38% Note Rate, 3.55% APR, 1.000 Points, $1995 Fees in APR
20 Year Mortgage Rates
EverBank - 3.38% Note Rate, 3.43% APR, 0.000 Points, $855 Fees in APR
QuickenLoans - 3.25% Note Rate, 3.63% APR, 2.000 Points, $2150 Fees in APR
15 Year Mortgage Rates
Roundpoint Mortgage Company - 2.88% Note Rate, 3.02% APR, 1.000 Points, $0 Fees in APR
Pleasant Valley Home Mortgage - 2.75% Note Rate, 2.75% APR, 0.000 Points, $0 Fees in APR
5 Year Adjustable Rate Mortgage Rates
EverBank - 2.75% Note Rate, 3.16% APR, 0.000 Points, $855 Fees in APR
Greenlight Financial Services - 2.38% Note Rate, 3.17% APR, 1.000 Points, $1995 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/mortgage/rates-fall-lower/prweb9721606.htm.
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