Fixed Mortgage Rates Set New Record Lows According to ForTheBestRate.com
Online, September 26, 2012 (Newswire.com) - Fixed mortgage rates dropped to new record lows on average reports ForTheBestRate.com, a consumer focused mortgage research website. The rate and fee combinations advertised by banks and mortgage lenders in the rate tables on the website reflect the historic pricing. On Thursday, September 20th, 2012 30 year fixed rate pricing as low as 3.125% (APR: 3.259%, Points: 0.500, Fees in APR: $1950, Lender: LenderFi.com) was posted, and 15 year fixed mortgage rates were advertised as low as 2.500% (APR: 2.777%, Points: 0.750, Fees in APR: $1950, Lender: LenderFi.com.)
Mortgage pricing data released Thursday, September 20th, 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 revealed the drop to new historic lows. 30 year fixed rates averaged 3.49% (0.6 points) for the week ending September 20th, 2012, down from 3.55% (0.6 points,) the average one week earlier. 15 year mortgage rates moved to 2.77% (0.6 points) on average, a drop from last week's 2.85% (0.6 points.)
"Pricing at this level is unprecedented," commented Nat Criss, CEO of ForTheBestRate.com. "And homeowners considering refinancing should remember that even lower rates are often available to those borrowers who represent the lowest risk of default. The average rates include loans originated at all risk levels, so if you have excellent credit, a decent amount of equity in your home, and other factors making you a highly desirable borrower you can reasonably expect to receive quotes even lower than the national averages," 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 9/20/2012. San Antonio, TX 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
AmeriSave - 3.125% Note Rate, 3.293% APR, 0.890 Points, $1995 Fees in APR
TexasLending.com - 3.375% Note Rate, 3.443% APR, 0.000 Points, $1399 Fees in APR
20 Year Mortgage Rates
Roundpoint Mortgage Company - 3.125% Note Rate, 3.351% APR, 2.000 Points, $0 Fees in APR
TexasLending.com - 3.375% Note Rate, 3.471% APR, 0.000 Points, $1399 Fees in APR
15 Year Mortgage Rates
Roundpoint Mortgage Company - 2.500% Note Rate, 2.787% APR, 2.000 Points, $0 Fees in APR
AmeriSave - 2.500% Note Rate, 2.844% APR, 1.182 Points, $1995 Fees in APR
5 Year Adjustable Rate Mortgage Rates
Roundpoint Mortgage Company - 2.000% Note Rate, 2.978% APR, 2.000 Points, $0 Fees in APR
Home Loan Enterprise - 2.375% Note Rate, 3.016% APR, 0.250 Points, $996 Fees in APR
