Bank Mortgage Rates Continue to Slide November 7, 2011
As the first week of November came to a close, mortgage rates drift lower once again. Mortgage rates dipped down at the start of the week as the debt troubles in Europe seemed to garner fewer headlines and attention focuses on the domestic economy and loan demand. Mortgage rates continued to hold steady up to and through the release of the jobs report on Friday.
The monthly employment report or jobs report is a frequent cause of interest rate instability as the bond markets and stock market react quickly to the release of this data. The employment report is one of the more timely data pieces that measure the strength of the U.S economy and therefore can have a significant influence on the direction of mortgage rates and borrowing costs. This past week, the employment report was a nonevent and mortgage rates were unchanged on the day the report was released.
The average 30 year mortgage rate in the current Findlocalmortagerates.com weekly mortgage rates survey was lower by 15 basis points or 15/100ths of a percent. The interest rate on this home loan product dropped down to 4.125 percent from 4.275 percent in the week earlier survey.
15 year mortgage was down by ten basis points for the week. The average 15 year mortgage rate settled at 3.375 percent after starting the week with an interest rate of 3.475 percent.
The 30 year FHA mortgage moved lower by 7.5 basis points. The average FHA mortgage rate is this week’s survey slipped to 4.000 percent from 4.075 percent in the prior week’s rate survey.
Mortgage rates offered by the top five bank mortgage lenders in the weekly survey includes the following 30 year mortgage interest rates, points charged and resulting APRs as of November 4th, 2011:
The Bank of America 30 year term fixed rate mortgage dropped to 4.00% and 0.875 points with an APR of 4.136%.
The US Bank 30 year fixed rate mortgage came in at 4.250% and no points with a 4.313% APR.
The 30 year mortgage rate at Wells Fargo was 4.00% with 1.0 point and an APR of 4.151%.
Chase Bank has a 30 year fixed rate loan with an interest rate at 4.125% with 0.125 points and a 4.324% APR.
The Citibank 30 year home loan rate is 4.250% and 0.375 points for an APR of 4.345%.
The mortgage interest rates, loan points and mortgage loan APRs in the Findlocalmortgagerates.com survey are retrieved directly from the bank mortgage lenders on or after November 4th, 2011. All of the bank mortgage rates listed are subject to change at any time. All home loans are subject to the approval and underwriting standards established by each of the individual mortgage lenders.
The mortgage rates and mortgage costs in the survey are based on a mortgage loan request for a single family purchase based in California with a loan amount of $250,000.00 and a 20% down payment on or after November 4th, 2011.
Additional mortgage interest rates and home loan products are available from the listed bank mortgage lenders including mortgage rates in Maine, mortgage loans and mortgage rates in Oregon, mortgage loans and mortgage rates in Alabama, mortgage loans and mortgage rates in South Carolina and similar regional home loans and mortgage rates.