Mortgage Rates Drop to New Record Lows Influencing Increase In Refinancing and Home Building Activity According to

Wilmington, NC (PRWEB) July 24, 2012

Mortgage rates have reached a new historical low point for 30 year fixed, 15 year fixed, and 5 year adjustable rate mortgages, leading to positive activity within the residential housing market, reports mortgage rate research website, The historic pricing was reflected in the interest rate and fee combinations posted by advertisers in the rate tables this week.

On Friday, July 20th, 2012 30 year fixed mortgage rates were posted as low as 3.25% (APR: 3.38%, Points: 1.000, Fees in APR: $ 995, Lender: New Penn Financial, LLC) and 15 year pricing went as low as 2.88% (APR: 2.88%, Points: 0.000, Fees in APR: $ 0, Lender: Financial Services, LLC.) 5 year adjustable rate loans were advertised as low as 2.44% (APR: 2.68%, Points: 0.000, Fees in APR: $ 1533, Lender: ThirdFederal Savings & Loan.)

The low cost of home financing has contributed to increases in mortgage refinancing and home building. According to the Weekly Mortgage Applications Survey from the Mortgage Bankers Association refinance applications were up 16.9 percent for the week ending July 13th, 2012 when compared to the week before. Without applying a seasonal adjustment to the numbers the increase was 46 percent. Housing starts, a measure of the number of new homes on which construction has started, are also up. According to the US Census Bureau privately-owned housing starts for June 2012 were 23.6 percent higher when compared to June 2011, and up 6.9 percent from May 2012.

“It’s encouraging to see people taking advantage of the incredibly low cost home financing available currently whether it’s to refinance, buy a newly constructed home, or chase an existing home,” commented Shaun Hamman, VP of Residential Lending at American Financial Resources , a National mortgage lender. “When you factor in record low interest rates, low real estate prices, and the fact than many people have put their plans for a new home on hold in recent years just a little confidence in the economic future can get things moving again,” he continued.

Current mortgage rates for a number of different residential mortgage programs can be viewed on Below is a snapshot of mortgage rates for a variety of products listed on the site on 7/20/2012. Connecticut mortgage rates used in the following examples. Rates are subject to change. Please visit the site to view the criteria used in the survey.

30 Year Mortgage Rates (0 Points)

Financial Services, LLC – 3.50% Note Rate, 3.50% APR, 0.000 Points, $ 0 Fees in APR

Roundpoint Mortgage Company – 3.38% Note Rate, 3.54% APR, 2.000 Points, $ 0 Fees in APR

15 Year Mortgage Rates (0 Points)

LoanDepot – 2.88% Note Rate, 3.05% APR, 0.000 Points, $ 1950 Fees in APR

Greenlight Financial Services – 2.88% Note Rate, 3.05% APR, 0.000 Points, $ 1955 Fees in APR

5 Year ARM Rates (0 Points)

EverBank – 2.88% Note Rate, 3.21% APR, 0.000 Points, $ 855 Fees in APR

Quicken Loans – 2.63% Note Rate, 3.31% APR, 2.000 Points, $ 1400 Fees in APR

3 Year ARM Rates (0 Points)

ThirdFederal – 2.39% Note Rate, 2.71% APR, 0.000 Points, $ 1553 Fees in APR

Roundpoint Mortgage Company – 2.38% Note Rate, 3.27% APR, 2.000 Points, $ 0 Fees in APR

About is a website that offers information regarding mortgages and personal finance. is owned by CMG Equities, LLC based in Wilmington, North Carolina.

Update 2/19/2013: is now which is also owned and operated by CMG Equities, LLC in Wilmington, North Carolina.

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