Mortgage Rates Fall Again to Record Lows

By
Mortgage and Lending with American Financial Resources

Couple on their front steps.30 year and 15 year fixed mortgage rate averages fell to record lows according to Freddie Mac's market survey which came out earlier this morning. The 30 year average came in at 3.91% with 0.7 points. This was down 0.03% from last week's all-time low. The 15 year fixed rate average tied last week's number at 3.21% with 0.8 points. Last year at this same period the 30 year average was 4.87% and the 15 year average was 4.15%. The survey also highlighted the 5/1 treasury indexed ARM average at 2.85% with 0.6 points.

Freddie Mac's Chief economist, Frank Nothaft noted that "Rates on 30-year fixed mortgages have been at or below 4 percent for the last eight weeks and now are almost 0.9 percentage points below where they were at the beginning of the year, which means that today's homebuyers are paying over $1,200 less per year on a $200,000 loan."

Below is a sampling of current interest rates from American Financial Resources listed today on Bankrate.com. Please vist Bankrate.com for the criteria used in the survey. Rates are subject to change without notice.

NJ Refinance rates from American Financial Resources*.

30 Year Year Mortgage Rates:
3.794% APR, 3.750% Note Rate, 0 Points, $895 Fees in APR, 30 Day Lock

20 Year Mortgage Rates:
3.750% APR, 3.750% Note Rate, 0 Points, $0 Fees in APR, 30 Day Lock

15 Year Mortgage Rate
s:
3.168% APR, 3.125% Note Rate, 0 Points, $495 Fees in APR, 30 Day Lock

10 Year Mortgage Rate
s:
3.188% APR, 3.125% Note Rate, 0 Points, $495 Fees in APR, 30 Day Lock

For more information on current mortgage pricing or to discuss home financing solutions, please contact American Financial Resources at 800-634-8616.

Company NLMS #2826

*The rates below are for: rate and term refinances, single family homes, detached properties, stick built construction, primary residences, $185-$417 loan amounts, and for consumers with 740+ credit scores.

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