Positive Economic Signs Lead To Rise In Mortgage Rates According to ForTheBestRate.com

ForTheBestRate.com announces that mortgage rates for 30 year fixed and 15 year fixed homes loans were up slightly this week, while remaining extremely low by historic standards.

Wilmington, NC (I-Newswire) March 15, 2013 - Fixed Mortgage rates moved higher this week reports ForTheBestRate.com, a consumer focused mortgage research website. Pricing advertised in the rates tables on the website reflected the small interest rate increase as mortgage banks and lenders adjusted their pricing in reaction to signs of improvement in the economy such as the drop in the unemployment rate to 7.7%. On Friday, March 15th, 2013 30 year fixed mortgage rates as low as 3.250% (APR: 3.411%, Points: 2.000, Fees in APR: $0, Lender: Pleasant Valley Home Mortgage) were posted.

15 year rates were advertised as low as 2.375% (APR: 2.661%, Points: 2.000, Fees in APR: $0, Lender: Roundpoint Mortgage Company,) and 5 year adjustable rate mortgage rates as low as 2.000% (APR: 2.724%, Points: 1.000, Fees in APR: $0, Lender: Roundpoint Mortgage Company.)

Mortgage pricing data released Thursday, March 14th, 2013 in the weekly mortgage rate survey from Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, also showed the uptick in pricing. 30 year fixed rates averaged 3.63% (0.8 points) for the week ending March 7th, 2013, up from 3.52% (0.7 points,) the average one week earlier. 15 year mortgage rates were also up, though by a smaller margin, moving to 2.79% (0.8 points) on average, from last week's 2.76% (0.7 points) average.

5 year adjustable rate mortgage pricing fell slightly, to 2.61% (0.6) on average from 2.63% (0.5 points) the week prior.

"Signs of economic improvement coupled with mortgage rates that remain very very low can create an ideal situation for home buyers," commented Shaun Hamman, VP of Residential Lending at American Financial Resources. "Though rates have crept up somewhat in recent weeks, feeling positive about one's personal financial situation is generally more of a deciding factor when it comes to buying a new home than interest rates moving an eighth of a point one way or the other," he continued.

Current mortgage rates for a number of different residential mortgage programs can be viewed on ForTheBestRate.com. Below is a snapshot of mortgage rates for a variety of products listed on the site on 3/15/2013. Albuquerque, NM mortgage rates represented in this sample. Rates are subject to change. Please visit the site to view the criteria used in the survey.

30 Year Mortgage Rates
AimLoan.com - 3.250% Note Rate, 3.431% APR, 1.039 Points, $1995 Fees in APR
LenderFi - 3.375% Note Rate, 3.472% APR, 0.000 Points, $1990 Fees in APR

15 Year Mortgage Rates
LenderFi - 2.500% Note Rate, 2.672% APR, 0.000 Points, $1990 Fees in APR
First Internet Bank - 2.625% Note Rate, 2.749% APR, 0.000 Points, $1428 Fees in APR

10 Year Mortgage Rates
Roundpoint Mortgage Company - 2.500% Note Rate, 2.500% APR, 0.000 Points, $0 Fees in APR
CapWest Mortgage - 2.500% Note Rate, 2.836% APR, 1.000 Points, $997 Fees in APR

5 Year Adjustable Rate Mortgage Rates
AimLoan.com - 1.625% Note Rate, 2.738% APR, 1.609 Points, $1995 Fees in APR
EverBank - 2.375% Note Rate, 2.814% APR, 0.000 Points, $855 Fees in APR