Mortgage Rates Today: GMAC in Line with National Averages and Some All-Time Lows

October 03, 2011 / Russell Legato, Residential Property Analyst

While the recent run of the lowest mortgage rates in history was thought to be coming well and truly to an end last week, this has not only proved not to be the case, but has seen a number of records once again being broken. Along with a number of the nation’s other major lenders, GMAC is today in line with the national averages and offering some quite stunning deals across popular mortgage packages.

Mortgage Rates Today: GMAC in Line with National Averages and Some All-Time Lows

For home buyers, new 30 year fixed term mortgages are being offered for 4.000% with an APR of 4.416%, while the 15 year option is today at 3.375% with an APR of 3.629%.

The 5 year ARM for purchase is being offered with an introductory rate of 2.500% and an APR of 2.996%, while the Jumbo 5 year ARM can be taken out for 3.125% with an APR of 3.233%.

For those looking to take advantage by refinancing home, 30 year fixed term deals can today be taken out for 3.875% with an APR of 4.027%, while the popular 15 year fixed term for refinance is at 3.385% with an APR of 3.625%.

The 5 year ARM term for refinance deals can be secured with an introductory rate of 2.500% and an APR of 2.950%, while the 7 year ARM option is now being advertised for 2.625% with an APR of 3.015%.

As it stands, those in a position to qualify for any of the new deals have the very real potential to save a small fortune across the life of their mortgage, though as millions are continuing to discover first hand, qualification is far from the guarantee it may once have been.

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