Mortgage Rates Continue To Fall Reaching New 2011 Lows

Fixed mortgage rates headed lower for the 6th consecutive week hitting levels not seen since the end of 2010.

2011-05-27

WILMINGTON, NC, May 27, 2011 (Press-News.org) Once again mortgage rates have fallen slightly when compared to the previous week, dropping to the lowest point of 2011. ForTheBestRate.com, a popular mortgage rate research website, reports that rates advertised in the rate tables displayed on the site have continued to move lower over the past few weeks, with current thirty year fixed rates as low as 4.375% (4.459% APR, Lender: AimLoan.com) available.

The recently released Weekly Primary Mortgage Market Survey® from Freddie Mac, a government sponsored enterprise that purchases residential mortgage loans in the secondary market, confirms the trend of falling mortgage rates. According to the survey the average interest rate for a 30 year fixed rate loan over the past week was 4.60% with 0.7% in fees and points, down slightly from the average of 4.61% with 0.7% in fees and points from the previous week. 15 year fixed loans saw a similar change from 3.80% to 3.78% both with 0.7% in fees and points.

The last time rates were lower than their current point was in December 2010.

Shaun Hamman, VP of the Residential Lending Division of American Financial Resources, noted that "the current rate environment has created a flurry of refinance activity over the past month. We've definitely experienced an uptick in applications. People who have been sitting on the sidelines since the end of 2010 appear to have renewed interest." American Financial Resources, a New Jersey based national lender, offers a wide variety of financing solutions including FHA mortgages, conventional fixed and adjustable rate loans, non-conforming jumbo mortgages, and mobile home loans. Hamman continued, "It's a great time to be in a position to refinance or buy a home. Mortgage rates are at or near 2011 lows for most products."

See below for a sample of North Carolina refinance interest rates for a variety of programs listed on ForTheBestRate.com (5/26/2011). Rates are subject to change without notice. Please visit the site for current rates and to review the criteria used in the survey. Mortgage rates available to consumers will vary by loan scenario and borrower's credit profile.

30 Year Mortgage Rates
Gateway Bank Mortgage - 4.375% Note Rate - 4.498% APR - $875 Fees in APR - 1 Point
Quicken Loans - 4.375% Note Rate - 4.595% APR - $1600 Fees in APR - 1.75 Points
EverBank - 4.375% Note Rate - 4.481% APR - $652 Fees in APR - 0.916 Points
AimLoan.com - 4.375% Note Rate - 4.459% APR - $1975 Fees in APR - 0 Points

15 Year Mortgage Rates
Gateway Bank Mortgage - 3.500% Note Rate - 3.861% APR - $875 Fees in APR - 2 Points
Quicken Loans - 3.750% Note Rate - 4.074% APR - $1600 Fees in APR - 1.375 Points
EverBank - 3.750% Note Rate - 3.856% APR - $652 Fees in APR - 0.392 Points
AimLoan.com - 3.625% Note Rate - 3.770% APR - $1975 Fees in APR - 0 Points

About ForTheBestRate.com

ForTheBestRate.com is a mortgage rate research web site where consumers can compare mortgage rates, APRs, and closing cost information from competing mortgage lenders, brokers, and banks from around the United States. ForTheBestRate.com is not a mortgage company and does not make loans of any kind. Rates are posted online and updated daily. Interest rates are subject to change without notice. Please visit www.ForTheBestRate.com for up-to-date pricing information and to verify the criteria used the survey.

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Mortgage Rates Continue To Fall Reaching New 2011 Lows

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