Mortgage Rates Drop, With 15 Year Fixed Rates Setting New Record Low

Wilmington, NC (PRWEB) April 16, 2012

Advertisement

Mortgage rates fell on average this week after news of disappointing March 2012 employment data, reports mortgage rate research website, BurlingtonMortgage.biz. The US Bureau of Labor Statistics released a report Friday, April 6th showing that the economy added only about half the number of new jobs that was forecasted. In the days that followed home mortgage rates advertised on BurlingtonMortgage.biz were lower than those posted in the previous week across most home financing products.

On Friday, April 13th, 2012, 30 year fixed mortgage rates as low as 3.500% (APR: 3.669%, Points: 1.625, Fees: $875, Lender: Gateway Bank Mortgage) were advertised on the site. 15 year pricing posted in the rate tables went as low as 2.750% (APR: 2.975%, Points: 1.125, Fees: $875, Lender: Gateway Bank Mortgage.)

Data released by Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, in the report of its weekly survey of mortgage rates confirmed the drop in pricing of home financing. The report showed that average 30 year fixed mortgage rates fell to 3.88% (0.7 points), down from 3.98% (0.7 points) the week before. 15 year fixed rates also moved lower to an average of 3.11% (0.7 points) after averaging 3.11% (0.7 points) one week earlier. 5 year adjustable rate pricing saw less of a drop, reaching 2.85% (0.7 points) on average, down from 2.86% (0.8 points.)

Consumers with a loan scenario considered an "excellent" credit risk may qualify for pricing that is lower than the average mortgage rates reported. Borrowers with additional risk factors such as damaged credit, low equity in the property, or who are purchasing an investment property rather than a primary residence or second home will likely be quoted higher pricing when shopping for a mortgage.

"Current mortgage rates falling to new lows is a silver lining to the lackluster news about the pace of the economic recovery," commented Shaun Hamman, VP of Residential Lending at American Financial Resources, a National mortgage lender. "This pricing is creating another refinancing opportunity for home owners who are still paying a higher mortgage payment each month than they need to," he continued.

Below is a snapshot of interest rates for a variety of programs listed on BurlingtonMortgage.biz on 4/13/2012. North Carolina mortgage rates represented in this survey. Rates are subject to change. Please visit the site to view the criteria used in the survey.

30 Year Mortgage Rates (0 Points)
AIMLoan.com – 3.625% Note Rate, 3.707% APR, $1995 Fees in APR
Gateway Bank Mortgage – 3.875% Note Rate, 3.875% APR, $0 Fees in APR

15 Year Mortgage Rates (0 Points)
Quicken Loans – 3.625% Note Rate, 3.739% APR, $1557 Fees in APR
Roundpoint Mortgage Company – $3.125% Note Rate, $3.125% APR, $0 Fees in APR

10 Year Mortgage Rates (0 Points)
Roundpoint Mortgage Company – 2.990% Note Rate, 2.990% APR, $0 Fees in APR
AimLoan.com – 2.75% Note Rate, 2.959% APR, $1995 Fees in APR

5/1 ARM Mortgage Rates (0 Points)
National Mortgage Alliance – 2.500% Note Rate, 2.577% APR, $2000 Fees in APR
ING Direct – 2.75% Note Rate, 3.298% APR, $470 Fees in APR

About BurlingtonMortgage.biz
BurlingtonMortgage.biz is a website that offers information regarding mortgages, insurance, and personal finance. BurlingtonMortgage.biz is owned by CMG Equities, LLC based in Wilmington, North Carolina.

Read the full story at http://www.prweb.com/releases/mortgage/15-year-rates-hit-new-low/prweb9401671.htm