Mortgage Rates Continue Seven Week Fall

Fixed mortgage interest rate averages dip for 7th straight week hitting new lows for 2011.

2011-06-08

WILMINGTON, NC, June 08, 2011 (Press-News.org) Fixed mortgage rate averages fell for a seventh consecutive week according to ForTheBestRate.com, a popular consumer mortgage rate research website. The company reports that interest rates advertised in the rate tables displayed on the site have continued to move lower over the past few weeks reaching lows not seen since the end of 2010, with current posted 30 year fixed rates as low as 4.250% (4.372% APR, Lender: Gateway Bank Mortgage).

Freddie Mac, a government sponsored enterprise that purchases residential mortgage loans in the secondary market, confirms the trend of sliding mortgage rates in their past weekly survey. According to their report, the average rate for a 30 year fixed home loan over the past week was 4.55% with 0.6% points, down slightly from an average of 4.60% with 0.6% points from the previous week. 15 year fixed loans saw a similar change from 3.74% to 3.78% both with 0.7% points. The agency noted that 5 year treasury indexed hybrid ARM rate averages remained unchanged from last week at 3.41% with .6 points.

Brian Mitchell, Branch Manager of Gateway Bank Mortgage's Wilmington, NC office, noted that "refinance and purchase inquiries have increased steadily over the past month. There is always a little lag time before word spreads that rates have fallen. It looks like people are starting to take notice." Gateway Bank Mortgage is a mortgage lender that serves most of the southeastern seaboard. Mitchell continued, "It's amazing to see rates this low again. There are so many great opportunities right now for people to capitalize on lower home prices and finance at amazing interest rates."

See below for a sample of North Carolina purchase mortgage rates for a variety of home loan products listed on ForTheBestRate.com (6/6/2011). Rates are subject to change without notice. Please visit ForTheBestRate.com for current interest 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 - 4.250% Note Rate - 4.372% APR - $875 Fees in APR - 1 Point
Quicken Loans - 4.375% Note Rate - 4.530% APR - $1600 Fees in APR - 1 Point
Affiliated Financial Group - 4.250% Note Rate - 4.380% APR - $1050 Fees in APR - 1 Point
AFR Mortgage - 4.375% Note Rate - 4.460% APR - $0 Fees in APR - 1 Point

15 Year Mortgage Rates
Gateway Bank Mortgage - 3.500% Note Rate - 3.674% APR - $875 Fees in APR - .75 Point
Quicken Loans - 3.750% Note Rate - 3.999% APR - $1600 Fees in APR - 0.875 Points
Affiliated Financial Group - 3.500% Note Rate - 3.725% APR - $1050 Fees in APR - 1 Point
AFR Mortgage - 3.750% Note Rate - 3.750% APR - $0 Fees in APR - 0 Points

About ForTheBestRate.com

ForTheBestRate.com is an insurance and mortgage research web site where consumers can compare mortgage rates and request home insurance quotes from competing providers. Mortgage interest rate data is updated daily and users can review rates, APRs, and closing cost information without supplying personal contact information. ForTheBestRate.com is not a mortgage or insurance company and does not make loans or write policies of any kind. 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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