Bank of Internet is currently featuring a low 30 year fixed mortgage rate.

While the national average mortgage rates are pushing 4.3% Bank of Internet is showing a 4.125% with an APR of 4.286%.

This advertised rate assumes this is a first mortgage on a primary residence under 80% LTV (Loan to Value).

Bank of Internet seems to have a fairly strict approval process for new customers.  Some people report getting rejected even with good credit scores.

Here are some more features with Bank of Internet:

• The Bank is FDIC Insured.
• Online Safety Guarantee — Which covers 100% of any losses due break-ins, or funds that are misplaced, lost, or taken out of your account without your authorization. (see fine print below for more details)
• Rates that consistently beat the national average.

For more information visit Bank of Internet’s website.

Mortgage rates are lower in the most recent mortgage survey released this morning. 30 year mortgage rates are back below 5.00% for the week ending March 12, 2010. 30 year mortgage rates have been seesawing above and below 5.00 percent for over a month now.

The average contract 30 year mortgage rate is at 4.91% for the week ending March 12, 2010, down from last week’s average mortgage interest rate of 5.01% according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Average mortgage discount points increased to 1.30 points, up from last week’s average of 0.82 points.

The average contract 15 year mortgage rate decreased to 4.24% for the week ending March 5, 2010, down from the prior week’s average 15 year mortgage rate of 4.32%. Average mortgage discount points increased to 1.47 points, up from  from 0.88 points the prior week.

The average contract rate for 1 year adjustable mortgages decreased to 6.75, down from the previous week’s average of 6.80 percent. Average mortgage points remained unchanged at 0.30 points. (more…)