Mortgage Rates Lowest Since December 2010

Online, May 5, 2011 (Newswire.com) - Mortgage rates fell for the third consecutive week to levels not seen since December 2010 according to mortgage rate research web site, ForTheBestRate.com. Among survey participants, interest rate APRs as low as 4.507% for 30 year rates, 3.931% for 15 year rates, and 2.952% for 5 year ARM pricing were advertised.

Freddie Mac recently released similar findings noting that 30 year fixed rate averages in the United States fell to 4.71% (.7 points) while 15 year rates dipped to 3.89% (.7 points). Nat Criss, Managing Partner of CMG Equities, LLC in Wilmington, North Carolina weighed in noting that there has been a substantial increase in web site traffic and inquiries over the past few weeks as interest rates continued to fall. "We've had a flurry of activity recently as news is starting to spread. People are getting off the sidelines and considering refinancing and locking in these historically great rates", stated Criss.

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Below is a snapshot of interest rates for a variety of programs listed on ForTheBestRate.com 5/5/2011. Rates are subject to change. Please visit the site for criteria used in the survey.

30 Year Mortgage Rates (0 pts)
AimLoan.com - 4.500% Note Rate - 4.585% APR - $1,975 Fees in APR

20 Year Mortgage Rates (0 pts)
Gateway Bank Mtge - 4.375% Note Rate - 4.426% APR - $875 Fees in APR

15 Year Mortgage Rates (0 pts)
Gateway Bank Mtge - 3.875% Note Rate - 3.940% APR - $875 Fees in APR

7/1 ARM Rates (0 pts)
AimLoan.com - 3.250% Note Rate - 3.329% APR - $1,975 Fees in APR

5/1 ARM Rates (0 pts)
AimLoan.com - 2.875% Note Rate - 2.952% APR - $1,975 Fees in APR