Mortgage Rates Flat - Close to 2011 Lows

Home mortgage rates remain largely unchanged from previous week's averages while signs point to growing consumer demand.

2011-06-25

WILMINGTON, NC, June 25, 2011 (Press-News.org) Mortgage rates remained relatively unchanged this past week after moving lower for seven of the previous eight weeks according to ForTheBestRate.com, a popular consumer mortgage rate research website. The company reports that mortgage rates advertised in the rate tables displayed on the site are still at or below lows not seen since the end of 2010, with current posted 15 year mortgage rates as low as 3.250% (3.557% APR, Lender: Amerisave, as of 6/23/2011).

Freddie Mac, a government sponsored enterprise that purchases residential mortgage loans in the secondary market, also reported similar findings in their weekly rate survey. According to their report, the average rate for a 30 year fixed loan over the past week was 4.500% with .8% points. This average remained constant from the previous week. The 15 year fixed rate average was 3.69% with .7 points, up only slightly from last week's average of 3.67%.

Nat Criss of CMG Equities, LLC commented that, "We've all heard reports that consumer confidence has been slipping and about the toll it's taking on the housing market. Despite all of the doom and gloom we have noticed an substantial uptick in web site traffic from people seeking refinance and purchase mortgage information." He continued, "In fact one of the national lenders who advertises on the site just had their best month in the company's ten year history. With interest rates this low and depressed home values, many people are realizing it's a great time for them to buy a home or refinance."

Below is a rate snapshot of North Carolina purchase mortgage rates, APRs, and closing costs from lenders and brokers participating in the ForTheBestRate.com rate tables on 6/23/2011. Please note that rates are subject to change without notice. Visit ForTheBestRate.com to check current mortgage rates and to review survey criteria.

30 Year Fixed Mortgage Rates
Amerisave - 4.500% Note Rate - 4.586% APR - $1995 Fees in APR - 0 Points
EverBank - 4.250% Note Rate - 4.399% APR - $652 Fees in APR - 1.428 Points
American Financial Resources - 4.500% Note Rate - 4.500% APR - $0 Fees in APR - 0 Points

15 Year Fixed Mortgage Rates
Amerisave - 3.625% Note Rate - 3.772% APR - $1995 Fees in APR - 0 Points
EverBank - 3.500% Note Rate - 3.707% APR - $652 Fees in APR - 1.083 Points
American Financial Resources - 3.750% Note Rate - 3.750% APR - $0 Fees in APR - 0 Points

7/1 ARM Rates
EverBank - 3.000% Note Rate - 3.141% APR - $652 Fees in APR - 1.448 Points
National Mortgage Alliance - 3.375% Note Rate - 3.415% APR - $1000 Fees in APR - 0 Points
US Mortgage Capital - 3.250% Note Rate - 3.282% APR - $795 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 orinsurance 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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Mortgage Rates Flat - Close to 2011 Lows

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