New Record Low Set By
Wilmington, NC (PRWEB) May 07, 2012
Mortgage rates were down on average this week, reports mortgage rate research website, ForTheBestRate.com. This represents a second week of falling home loan pricing, with 30 year fixed and 15 year fixed programs reaching setting new records for low mortgage rates.
On Friday, May 4th, 2012 30 year fixed mortgage rates as low as 3.375% (APR: 3.537%, Points: 2, Fees: $ 0, Lender: First Financial Services, Inc.) were advertised on the website. 15 year fixed pricing posted in the rate tables went as low as 2.875% (APR: 3.019%, Points: 0, Fees: $ 1995, Lender: AimLoan.) Extremely low rates for FHA mortgage loans was also advertised, with 30 year FHA pricing as low as 3.375% (APR: 3.517%, Points: 0, Fees: $ 3500, Lender First Financial Services, Inc.)
Mortgage pricing data released Thursday, May 3rd, 2012 in the weekly survey of mortgage rates from Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, confirmed the record setting numbers. The report showed that on average across all US markets 30 year fixed rates averaged 3.84% (0.8 points) for the week ending May 3rd, 2012. One week earlier the average pricing was a slightly higher 3.88% (0.7 points.) 15 year mortgage rates saw a similar drop to an average of 3.07% (0.7) from 3.12% (0.6 points.)
“Record setting pricing tends to generate a good amount of attention which is great for consumers who might otherwise not have been aware of just how inexpensive home financing is currently,” commented Nat Criss, Managing Partner of CMG Equities, LLC, which runs ForTheBestRate.com. “Though mortgage rates have remained close to record lows for several months there are still many homeowners who could benefit from refinancing and a little buzz around new record lows is often a good motivator to take some action,” 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 5/4/2012. Georgia 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 (0 Points)
Amerisave – 3.875% Note Rate, 3.958% APR, $ 1995 Fees in APR
First Financial Services, Inc. – 3.625% Note Rate, 3.625% APR, $ 0 Fees in APR
20 Year Mortgage Rates (0 Points)
AimLoan – 3.500% Note Rate, 3.613% APR, $ 1995 Fees in APR
National Mortgage Alliance – 3.375% Note Rate, 3.448% APR, $ 1300 Fees in APR
15 Year Mortgage Rates (0 Points)
Amerisave – 3.000% Note Rate, 3.144% APR, $ 1995 Fees in APR
AimLoan – 2.875% Note Rate, 3.019% APR, $ 1995 Fees in APR
5 Year Adjustable Rate Mortgage Rates (0 Points)
First Financial Services, Inc. – 2.500% Note Rate, 2.500% APR, $ 0 Fees in APR
AimLoan – 2.375% Note Rate, 2.451% APR, $ 1995 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.
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