Mortgage Rates Fall to Record Lows Following Federal Reserve Board's Announcement
"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
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
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
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. Circle Nat on Google+!
Nat Criss is one of the publishers for ForTheBestRate.com. Circle Nat on Google+!
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