Feb
21
Wilmington, NC (PRWEB) February 21, 2012
30 year fixed mortgage rates are unchanged since setting a new record low the first week of February, according to mortgage rate research website, ForTheBestRate.com. Holding steady at an average of 3.87% (0.8 points) 30 year home loans are as inexpensive as they have ever been since records have been kept. 15 year fixed rate pricing averaged 3.16% (0.8 points) this week, up only slightly from the record low of 3.14% (0.8 points.)
Mortgage borrowers with excellent credit and desirable (less risky) loan scenarios may be able to find mortgage rates even lower than the current averages. On Friday, February 17 30 year fixed rates as low as 3.500% (APR: 3.641%, Points: 1.25, Fees: $ 950, Lender: United Pacific Mortgage) were posted in the rate tables on the website. For the 15 year fixed product pricing was advertised as low as 2.750% (APR: 2.886%, Points: 0, Fees: $ 1899, Lender: Absolute Mortgage.)
“This is an excellent time for the highest credit worthy applicants to lock in an incredibly low rate. A fixed rate mortgage at 2.75% would have been unimaginable for much of the history of mortgage lending,” commented Nat Criss, Managing Partner of CMG Equities, LLC, which runs ForTheBestRate.com. “Even for those with some credit issues or less equity in their properties, pricing can still be very very low, and represent significant savings over loans taken out just a few years ago,” he added.
The risk level of a loan is determined based on factors such as the credit score and history of the applicant, the percentage of the property’s value that the loan makes up, and the potential borrowers’ income, assets, and other debts.
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 home financing products listed on the site on 02/17/2012. Rates are subject to change. Please visit the site to view the criteria used in the survey.
30 Year Mortgage Rates (0 Points)
Absolute Mortgage – 3.625% Note Rate, 3.703% APR, $ 1899 Fees in APR
Emery Federal Credit Union – 3.750% Note Rate, 3.750% APR, $ 0 Fees in APR
15 Year Mortgage Rates (0 Points)
AmeriSave – 3.000% Note Rate, 3.144% APR, $ 1995 Fees in APR
Emery Federal Credit Union – 3.125% Note Rate, 3.125% APR, $ 0 Fees in APR
30 Year FHA Mortgage Rates (0 Points)
Loan Depot – 3.750% Note Rate, 3.750% APR, $ 0 Fees in APR
First Choice Bank – 3.750% Note Rate, 3.793% APR, $ 1050 Fees in APR
30 Year VA Mortgage Rates (0 Points)
Emery Federal Credit Union – 3.750% Note Rate, 3.750% APR, $ 0 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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