Mortgage Rates Fall to Record Lows Following Federal Reserve Board's Announcement

6:54 AM Nat 0 Comments


Fixed mortgage rates fell once again to new record lows according to Freddie Mac's most recent mortgage market survey. According to Freddie's statistics, the 30 year fixed rate average dipped to 3.49% with .6 pts which was down from 3.55% last week. The 15 year fixed rate average also moved lower going from 2.85% down to 2.77% with .6 pts. The 5 year treasury indexed ARM moved in the opposite direction going up from 2.72% to 2.76% with .6 pts.

"Following the Federal Reserve's announcement of a new bond purchase plan, yields on mortgage-backed securities fell bringing average fixed mortgage rates to their all-time record lows which should aid in the ongoing housing recovery", commented Frank Nothaft of Freddie Mac. He continued, "New construction on one-family homes rebounded in August, rising by 5.5 percent to the fastest pace since April 2010. In addition, existing home sales increased by 7.8 percent in August to its strongest pace since May 2010."

Here's a snapshot of how things were looking on ForTheBestRate.com this morning (9:30 am EST - I used Los Angeles, California for the sample, 740+ credit, non cash-out refi - rates are subject to change, contact the various lenders and brokers for the most up-to-the-minute pricing):

30 Year Home Loan Pricing with No Points:
AmericanInterbanc.com: 3.289% APR, 3.250% Note Rate, $799 Fees in APR
IHL Direct: 3.352% APR, 3.250% Note Rate, $2,100 Fees in APR
AimLoan.com:  3.347% APR, 3.250% Note Rate, $1,995 Fees in APR 

20 Year Home Loan Pricing with No Points:
AimLoan.com: 3.261 APR, 3.125% Note Rate, $1,995 Fees in APR
AmericanInterbanc.com: 3.249% APR, 3.125% Note Rate, $999 Fees in APR
IHL Direct:  3.394% APR, 3.250% Note Rate, $936 Fees in APR 

15 Year Home Loan Pricing with No Points:
LenderFi: 2.794% APR, 2.625% Note Rate, $1,110 Fees in APR
AmericanInterbanc.com: 2.694% APR, 2.625% Note Rate, $799 Fees in APR
AimLoan.com:  2.798% APR, 2.625% Note Rate, $1,995 Fees in APR

10 Year Home Loan Pricing with No Points:Mortgage Capital Associates: 2.745% APR, 2.625% Note Rate, $950 Fees in APR
AmericanInterbanc.com: 2.751% APR, 2.625% Note Rate, $999 Fees in APR

For more information on today's mortgage rates, APRs, and closing costs, visit the rate table comparison shopping platform on ForTheBestRate.com.

About the Author
Nat Criss is one of the publishers for ForTheBestRate.com. 

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