Friday, June 1, 2012

Average mortgage rates set new record low | Real Estate Consumer ...

By Robert Fishel, on May 30th, 2012

According to the Mortgage Bankers Association?s Weekly Applications Survey, average mortgage rates fell to yet another new survey low last week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 3.91 percent from 3.93 percent the week before. Despite the drop, mortgage loan demand was relatively flat. The Refinance Index dropped 1.5 percent from the previous week and the Purchase Index slipped 0.6 percent. The Market Composite Index, which measures total mortgage loan application volume, fell 1.3 percent from the week before. The refinance share of all mortgage activity was unchanged at 76.6 percent.

MORTGAGE INTEREST RATES for May 31, 2012:

  • Conventional 30-Year Fixed 3.875%/ 4.050% APR
  • Conventional 15-Year Fixed 3.00%/ 3.182% APR
  • Conventional 5/1 ARM 2.750%/ 3.019% APR
  • FHA/VA 30 Year Fixed 3.750%/ 3.991% APR
  • Jumbo 5/1 ARM 2.875%/ 3.66% APR
  • Jumbo 15 yr Fixed 3.375%/ 3.630% APR
  • Jumbo 30 yr Fixed 4.750%/ 5.010% APR

*The above mortgage rates are based upon an 80% LTV, o/o single family with FICO scores of 720.

Paramount Mortgage is a locally owned Mortgage Banker celebrating our 41st year. Great rates and programs are secondary to what is most desired in a lender relationship: Integrity, Communication and Customer Satisfaction. Be to check out our website: www.paramountmortgage.com

For more information or if you have questions on mortgage rates you may contact me by phone at my direct line, (314) 372-4319, email at rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.

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Related posts:

  1. Average 30-Year Fixed-Rate Mortgage Holds at All-Time Record Low
  2. "You?ll never buy at the bottom" Interest rates are on the rise
  3. Mortgage Rate Update;?The Benefits of ARM?s
  4. Mortgage Rate Update; FHA Lowers Mortgage Insurance Premiums for loans endorsed before June 1, 2009
  5. Record-Low Interest Rates Spur Refinancing; Home Purchase Mortgage Applications Increase Slightly

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