Low Mortgage Rates Make 2012 Record Year for Home Affordability
mortgage rates and declines in home prices over the past several years have made homes more affordable than ever.
2012 will go down as the year that homes were the most affordable ever according to the National Association of Realtors (NAR) Home Affordability Index. For those who can actually get a mortgage loan, record low
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Lender
APR
Rate
Cost & Fees
Notes
Bank of America
4.326%
2/13/2019
4.250%
at 0.472 pts
60 day lock rate Est payment: $1,475.82
Fees in APR: $1,289
TD Bank, NA
4.403%
2/8/2019
4.375%
at 0.000 pts
45 day lock rate Est payment: $1,497.86
Fees in APR: $982
Apple Federal Credit Union
4.596%
2/13/2019
4.500%
at 1.000 pts
60 day lock rate Est payment: $1,520.06
Fees in APR: $352
Fulton Bank, NA
4.686%
2/12/2019
4.625%
at 0.375 pts
60 day lock rate Est payment: $1,542.42
Fees in APR: $1,007
Virginia Credit Union
4.547%
2/12/2019
4.500%
at 0.000 pts
45 day lock rate Est payment: $1,520.06
Fees in APR: $1,650
Citizens Bank, NA
4.665%
2/15/2019
4.625%
at 0.000 pts
60 day lock rate Est payment: $1,542.42
Fees in APR: $1,408
Santander Bank, N.A.
4.683%
2/15/2019
4.625%
at 0.000 pts
60 day lock rate Est payment: $1,542.42
Fees in APR: $2,004
LincolnWay Community Bank
4.406%
2/12/2019
4.375%
at 0.000 pts
30 day lock rate Est payment: $1,497.86
Fees in APR: $1,085
Raymond James Bank, NA
4.788%
2/12/2019
4.750%
at 0.000 pts
45 day lock rate Est payment: $1,564.94
Fees in APR: $1,299
State Department Federal Credit Union
4.557%
2/11/2019
4.500%
at 0.000 pts
60 day lock rate Est payment: $1,520.06
Fees in APR: $2,000
Northwest Federal Credit Union
4.545%
2/13/2019
4.500%
at 0.500 pts
45 day lock rate Est payment: $1,520.06
Fees in APR: $79
Bank of Oak Ridge
4.304%
2/14/2019
4.250%
at 0.353 pts
60 day lock rate Est payment: $1,475.82
Fees in APR: $853
Armed Forces Bank, N.A.
4.904%
2/8/2019
4.875%
at 0.000 pts
30 day lock rate Est payment: $1,587.62
Fees in APR: $999
The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information. Unfortunately, very tight lending restrictions by lenders is preventing many consumers from getting a loan and is hampering the housing recovery. For consumers who can get a mortgage loan, 30 year mortgage rates today can be found as low as 2.875 percent with points. Current mortgage rates on 15 year conforming loans can be found as low as 2.25 percent with points. The NAR chief economist, Lawrence Yun said: Although 2012 was highest on record, the excessively tight underwriting precluded many would-be home buyers from locking-in generational low interest rates. Rising home prices and a gradual uptrend in mortgage interest rates will offset improvements in family income, but 2013 likely will be the third best on record in terms of household buying power. A window of opportunity remains open for buyers who can qualify for a mortgage. Today's mortgage rates, even at record lows, will move even lower in the beginning of 2013 but will probably head higher later in the year. Higher home prices expected in 2013 will cause the home affordability index to decline, meaning that homes are expected to be less affordable in 2013 then they were in 2012. The NAR projects the housing affordability index to average 160 during 2013. If you're in a position to buy a home and have been waiting on the sidelines for home prices to drop further or mortgage rates to drop lower, you should take the leap and buy a home. Home prices have been increasing for the past 15 months are expected to move higher. If you have been thinking about refinancing your current mortgage loan, you should do it now because refinance rates are expected to increase in the second half of 2013. This is true for both fixed mortgage rates and adjustable mortgage rates on both conforming and jumbo mortgage loans. |
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