30 Year Mortgage Rate

30 Year Mortgage Rate, The average rate on the 30-year fixed mortgage held steady at a record low for a third straight week, offering more incentive to those looking to buy a home or refinance.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year home loan was unchanged at 3.87 percent. That’s the lowest level since long-term mortgages began in the 1950s.

The average on the 15-year fixed mortgage was also unchanged at 3.16 percent. That’s up from a record low of 3.14 percent reached two weeks ago.

The low rates have done little to boost the struggling housing market. Rates have been below 5 percent for all but two weeks in the past year. Yet few people can qualify for the rates and many of those who can have already done so.

And prospective buyers don’t want to put money into a home that they fear could fall in price over the next few years.

Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.

Builders are hopeful that the low rates could boost sales this year. But so far, they have had a minimal impact.

Frank Nothaft, Freddie Mac’s chief economist, said mixed readings on consumer confidence underscore the fragile condition of the housing market.

Surveys of small business owner and homebuilder confidence rose in January and February, respectively. But the University of Michigan’s consumer sentiment fell in February, breaking a five-month upward trend.

To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

The average rates don’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

30-year Mortgage Rate

30-year Mortgage Rate, The average rate on the 30-year fixed mortgage held steady at a record low for a third straight week, offering more incentive to those looking to buy a home or refinance.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year home loan was unchanged at 3.87%. That’s the lowest level since long-term mortgages began in the 1950s.

The average on the 15-year fixed mortgage was also unchanged at 3.16%. That’s up from a record low of 3.14% reached two weeks ago.

The low rates have done little to boost the struggling housing market. Rates have been below 5% for all but two weeks in the past year. Yet few people can qualify for the rates and many of those who can have already done so.

And prospective buyers don’t want to put money into a home that they fear could fall in price over the next few years.

Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.

Builders are hopeful that the low rates could boost sales this year. But so far, they have had a minimal impact.

To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

The average rates don’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1% of the loan amount.

The average fee for the 30-year loan was unchanged at 0.8; the average on the 15-year fixed mortgage rose to 0.8 from 0.7.

For the five-year adjustable loan, the average rate fell to 2.82% from 2.83%, and the average fee rose to 0.8 from 0.7.

The average on the one-year adjustable loan rose to 2.84% from 2.78%, and the average fee was unchanged at 0.6.

30 Year Mortgage Rates

30 Year Mortgage Rates, Mortgage rates remain at or near all time record lows according to mortgage rate research website, ForTheBestRate.com. Home loan pricing displayed by various banks, lenders, and brokers in the rate tables has been among the lowest in the site’s history. On Friday, January 6th, 2012 30 year fixed mortgage rates as low as 3.750% were posted (APR: 3.785%, Points: 0, Fees: $852, Lender: Everbank.) Pricing for 15 year fixed rate loans is near record setting lows as well, with advertised rates reaching 3.000% (APR: 3.061%, Points: 0, Fees: $852, Lender: Everbank.)

This pricing represents a small drop when compared to mortgage rates available during the last week of 2011. This decrease was also reported by Freddie Mac, a government sponsored enterprise and purchaser of residential mortgages on the secondary market, in their January 5th weekly rate survey. Data in the survey showed that the average 30 year fixed rate pricing fell to 3.91% (0.8 points) from an only slightly higher 3.95% (0.7 points.) 15 year fixed pricing saw a similar modest decline from 3.24% (0.8 points) the week ending December 29, 2011 to 3.23% (0.8 points) the following week.

Continued availability of mortgage rates below 4.00% for the 30 year fixed rate products is welcome news for homeowners interested in refinancing, but who held off during the holidays. “We tend to see things slow way down during December,” said Brian Mitchell, Sales Manager with Gateway Bank Mortgage, a North Carolina mortgage company. “People are busy with the holidays, taking some vacation time, and might not be closely watching the mortgage market or in a position to act. Now that we’re into the new year though, we’re talking to a lot of people who are evaluating their finances and want to look into how a refi could help improve things.”

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 01/06/2012. Rates are subject to change. Please visit the site to view the criteria used in the survey.

30 Year Mortgage Rates (0 Points)
Seckel Capital – 3.875% Note Rate – 3.875% APR – $0 Fees in APR
The Money Store – 3.875% Note Rate – 3.895% APR – $495 Fees in APR

20 Year Mortgage Rates (0 Points)
Quicken Loans – 3.990% Note Rate – 4.094% APR – $1803 Fees in APR
EverBank – 3.625% Note Rate – 3.674% APR – $852 Fees in APR

15 Year Mortgage Rates (0 Points)
Sekel Capital – 3.250% Note Rate – 3.250% APR – #0 Fees in APR
The Money Store – 3.375% Note Rate – 3.382% APR – $95 Fees in APR

5/1 ARM Rates (0 Points)
Aurora Bank – 3.125% Note Rate – 3.155% APR – $757 Fees in APR
First Financial Services – 3.250% Note Rate – 3.250% 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. For more information, visit www.forthebestrate.com/

30-Year Mortgage Rates

30-Year Mortgage Rates, The average rate on the 30-year fixed mortgage has dropped to 3.94 percent, the record low set in October. The rate on the 30-year home loan fell from 3.99 percent the previous week, Freddie Mac said Thursday. This week’s 3.94 percent average matches the lowest on records dating to the 1950s.

The average on the 15-year fixed mortgage fell to 3.21 percent from 3.27 percent. That’s also a record.

Rates could fall further still. Many economists think the yield on the 10-year Treasury note could creep lower in 2012. Long-term mortgage rates tend to track the 10-year Treasury yield.

Rates have been below 5 percent for all but two weeks this year. Even so, this year could end up as the worst for home sales in 14 years.

Sales of previously occupied homes are just slightly ahead of last year’s dismal sales figures — and those were the worst in 13 years. And new-home sales appear headed for their worst year on records dating back 50 years.

Also Thursday, foreclosure listing firm RealtyTrac Inc. said the number of homes in foreclosure and scheduled to be auctioned hit a nine-month high last month.