RISMEDIA, August 11, 2011—Mortgage rates continued to move lower as investor concerns over the health of the U.S. economy increased, reports mortgage rate research website, ForTheBestRate.com. Interest rates advertised on the site have dropped to near their lowest point of 2011 for most products, with the 15 year fixed reaching historical record lows. On August 4, 15 year mortgage rates as low as 3.250% were posted (APR: 3.387%, Lender: Gateway Bank Mortgage).
Mortgage pricing has edged lower while US and global stock markets are seeing losses, including a drop in the Dow of more than 500 points on Thursday, August 4, the largest single day loss since December of 2008.
The downward trend of mortgage rates was confirmed in the weekly survey from Freddie Mac, a government sponsored enterprise that purchases residential mortgage loans in the secondary market. The data released August 4 showed a decrease in the average 30 year fixed rate pricing to 4.39% (0.8% points) from 4.55% (0.8% points) from the previous week. 15 year fixed rates fell to a new historical low, an average of 3.54% (0.7% points), after averaging 3.66% (0.7% points) the week before.
5 year adjustable rate loans also moved lower to an average of 3.18% (0.6 points), down from 3.25% (0.6% points) the week of July 28.
“While we’d love to see more positive economic news coming from other sectors, right now there is a huge opportunity for homeowners,” comments Shaun Hamman of American Financial Resources, a National mortgage lender offering a range of products including home improvement loans and debt consolidation mortgages. “Buying a home or refinancing a higher rate mortgage at these incredibly low rates can allow one to make a significant positive impact on their long term net worth,” he adds.
For more information, visit http://www.ForTheBestRate.com.