Mortgage rates for fixed rate home loans fell on average this week, returning to close to the historic low points set in recent weeks, reports ForTheBestRate.com, a consumer focused mortgage research website. On Friday, November 2nd, 2012 30 year fixed mortgage rates as low as 3.125% (APR: 3.285%, Points: 2.000, Fees in APR: $0, Lender: Roundpoint Mortgage Company,) were advertised in the rate tables on the website. 15 year fixed rates also dropped, which was reflected in the mortgage rates advertised in the ForTheBestRate.com rate tables. Rates as low as 2.625% (APR: 2.625%, Points: 0.000, Fees in APR: $0, Lender: American Financial Resources) were posted.
Data released Thursday, November 1st, 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 drop in the cost of home financing. The report showed that for the week ending November 1st, 2012 rates for 30 year fixed rate mortgages averaged 3.39% (0.7 points,) a decrease from one week earlier when the average pricing was 3.41% (0.7 points.) 15 year mortgage rates also moved lower to an average of 2.70% (0.7 points) from 2.72% (0.6 points.)
“Potential home buyers can continue to look to incredibly low mortgage rates as an incentive to make a real estate purchase, whether as a first time homebuyer, move up buyer acquiring a new primary residence, or as an investor,” commented Shaun Hamman, VP of Residential Lending at American Financial Resources, a National mortgage lender. “This pricing continues to support the housing market and provide individual consumers additional purchasing power,” 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 Friday, November 2, 2012. Washington DC 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
Residential Finance Corporation – 3.125% Note Rate, 3.285% APR, 2.000 Points, $0 Fees in APR
Myers Park – 3.250% Note Rate, 3.293% APR, 0.000 Points, $895 Fees in APR
15 Year Fixed Mortgage Rates
Residential Finance Corporation – 2.500% Note Rate, 2.643% APR, 1.000 Points, $0 Fees in APR
Roundpoint Mortgage Company – 2.375% Note Rate, 2.661% APR, 2.000 Points, $0 Fees in APR
10 Year Fixed Mortgage Rates
American Financial Resources – 2.625% Note Rate, 2.625% APR, 0.000 Points, $0 Fees in APR
Aurora Financial – 2.750% Note Rate, 2.750% APR, 0.000 Points, $0 Fees in APR
5 Year Adjustable Rate Mortgage Rates
Loan Depot – 2.375% Note Rate, 2.654% APR, 1.010 Points, $0 Fees in APR
WCS Lending – 2.625% Note Rate, 2.703% APR, 0.000 Points, $895 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. ForTheBestRate.com’s Good Cents Savings blog offers insight into personal finance and ways that consumers can live well and save money in their everyday lives.