Mortgage rates have fallen to historic lows
Falling fixed mortgage rates broke the record for low pricing set just one week earlier, reports mortgage rate research website, BurlingtonMortgage.biz.
Average fixed mortgage rates have dropped for three consecutive weeks, and reached record lows for two.
This historic pricing is reflected in the interest rates advertised by mortgage banks and lenders in the rate tables on the website.
On Friday, May 11th, 2012 30 year fixed mortgage rates as low as 3.375% (APR: 3.620%, Points: 2, Fees: $1995, Lender: AimLoan.com) were posted.
15 year fixed interest rates for home loans were advertised as low as 2.875% (APR: 3.019%, Points: 0, Fees: $1995, Lender: AmeriSave.)
Low FHA mortgage rates were posted as well, with interest rates as low as 3.500% (APR: 3.667%, Points: 1.375, Fees: $1345, Lender: CloseYourOwnLoan.)
Mortgage pricing data released Thursday, May 10th, 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 historically low rates.
The survey showed that across all US markets 30 year fixed mortgage rates averaged 3.83% (0.7 points) for the week ending May 10th, 2012. This was down from 3.84% (0.8 points) one week earlier. 15 year fixed pricing was also down on average to 3.05% (0.7 points) from 3.07% (0.7 points.)
“It’s great to see mortgage rates continue to fall as the spring home buying season ramps up,” commented Nat Criss, Managing Partner of CMG Equities, LLC, which runs BurlingtonMortgage.biz. “The incredible low cost of home financing along with real estate values that are still reduced in much of the US means home ownership is becoming increasingly affordable,” he continued.
BurlingtonMortgage.biz is a website that offers information regarding mortgages and personal finance. BurlingtonMortgage.biz is owned by CMG Equities, LLC based in Wilmington, North Carolina. For more information, visit http://www.burlingtonmortgage.biz/.
Recent Comments