Mortgage Rates Fall on Unemployment Data

    WILMINGTON, NC, July 18, 2011 /24-7PressRelease/ -- Mortgage rates reversed course and moved lower over the past week upon news of higher unemployment, according to the mortgage rate research web site, ForTheBestRate.com. The company reports that interest rates advertised in the rate tables displayed on the site have fallen near 2011 lows with current posted 15 year fixed rates as low as 3.250% (3.462% APR, Lender: Amerisave).

Freddie Mac, a government sponsored enterprise that purchases residential mortgage loans in the secondary market, confirms the trend of sliding mortgage rates in their most recent weekly survey. According to their report, the average rate for a 30 year fixed rates mortgage over the past week was 4.51% with 0.7% points, down slightly from an average of 4.60% from the previous week. 15 year mortgages saw a similar change going from 3.75% to 3.65% both with 0.6% points. 5 year treasury indexed hybrid ARM rate averages followed suit dropping slightly from 3.30% down to 3.29% with .5% points.

Nat Criss, Managing Partner of CMG Equities, LLC in Wilmington, North Carolina weighed in noting that while mortgage rates have fallen there has been a little bit of a lull in activity. "According to our data, consumer demand has fallen slightly over the past couple of weeks. It may be a direct result of the holiday weekend or just the news cycle running its course as consumers become better aware of the current rate environment", states Criss.

Below is a snapshot of interest rates for a variety of programs listed on ForTheBestRate.com 7/14/2011. Rates are subject to change. Please visit the site for criteria used in the survey.

30 Year Mortgage Rates (0 pts)
AimLoan.com - 4.250% Note Rate - 4.333% APR - $1,950 Fees in APR
Amerisave - 4.375% Note Rate - 4.460% APR - $1,995 Fees in APR

20 Year Mortgage Rates (0 pts)
AimLoan.com - 4.125% Note Rate - 4.239% APR - $1,950 Fees in APR
Loan Depot - 4.250% Note Rate - 4.338% APR - $1,500 Fees in APR

15 Year Mortgage Rates (0 pts)
AimLoan.com - 3.500% Note Rate - 3.643% APR - $1,950 Fees in APR
Amerisave - 3.375% Note Rate - 3.521% APR - $1,995 Fees in APR

About ForTheBestRate.com

ForTheBestRate.com is an insurance and mortgage research website 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 or insurance 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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