March 4, 2012 by staff
Fixed-mortgage Rate, Fixed rate mortgages are once again priced near record lows, following increases the week ending February 24th, 2012, reveals ForTheBestRate.com, a consumer focused mortgage rate research website. Mortgage rates as low as 3.875% (APR: 3.875%, Points: 0, Fees: $0, Lender: Seckel Capital, LLC) were advertised on the site for a 30 year fixed California mortgage loan on Friday, March 2nd, 2012. Fifteen year fixed pricing is also near the historical low point with rates posted on ForTheBestRate.com as low as 3.125% (APR: 3.214%, Points: 0, Fees: $1230, Lender: Crestline Funding.)
The drop in mortgage rates was also noted in the weekly rate survey released Thursday, March 1st, 2012 by Freddie Mac, a government sponsored enterprise that purchases mortgage loans on the secondary market. The survey showed 30 year fixed mortgage rates fell to an average of 3.90% (0.8 points) after averaging 3.95% (0.8 points) the week before. 15 year pricing also dropped, moving from an average of 3.19% (0.8 points) to one of 3.17% (0.8 points.) 5 year adjustable rate mortgage prices moved slightly higher, with the average rates across the country rising to 2.83% (0.7 points) after reaching 2.80% (0.7 points) one week earlier.
“We continue to see homeowners taking advantage of these historically low mortgage rates with refinance loans,” said Shaun Hamman, VP of Residential Lending at American Financial Resources, a National mortgage lender. “Even a relatively small reduction in rate can often mean a lower monthly payment or make it possible to pay off a loan sooner. For those who are able to consolidate higher interest rate debt or move to a shorter term loan the benefits can be even greater.”
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