Current Mortgage Rates: Bank of America, Wells Fargo and SunTrust Home Purchase Rates for February 24
Mortgages rates are still hovering near all-time lows, despite the slight increase they have seen this week. Freddie Mac reported that the national average on the 30-year FRM went up to 3.95% for the week ended Thursday, from the previous 3.87%. In fact, mortgage rates are up now the first time in three weeks, and at the same time they are below 4% for 12 consecutive weeks.
The national average on the 15-year fixed rate mortgage also increased this week to 3.19% from the previous 3.16% it had a week earlier. The record-low for the 15-year FRM was 3.14% three weeks ago.
On the other hand, Frank Nothaft, VP and chief economist of Freddie Mac noted, that the housing market continues to show some signs of improvement.
Looking at the home purchase loans that Bank of America (NYSE:BAC) is offering today, the 30-year fixed rate mortgage has a starting rate of 4.150% and an annual percentage rate (APR) of 4.288%. Actually, the interest rate of this package was lowered, as yesterday it had a rate of 4.250% attached to it. The shorter 15-year fixed loan remained firm all week, as it carries a rate of 3.500% and an APR variable of 3.728%.
More flexible loans, like the adjustable rate mortgages had little to no movement at Bank of America this week, as the 7-year ARM is available at a rate of 3.250% and an APR amounting to 3.462%, while the 5/1 ARM can be locked in and taken out for as low as 3.000% and an APR of 3.398%.
Moving on to the best home purchase deals at Wells Fargo (NYSE:WFC) this Friday, borrowers can obtain the 30-year FRM at a rate of 3.750% and an APR yielding to 3.916%. The rates that come with this long term package are a tad lower now, which could be encouraging enough for many borrowers to take advantage of the current situation. However, those who would rather secure a 15-year fixed rate loan with the assistance of Wells Fargo, can expect an interest rate of 3.125% and an APR of 3.417%.
As far as FHA mortgages are concerned, Wells Fargo advertises the 30-year FHA deal today at a rate of 3.750% and an APR variable of 3.998%.
The 5-year ARM package at Wells Fargo is still available for borrowers at a comprehensively low rate, as it’s being offered for as low as 2.250% and an APR of 3.145%.
Mortgage rates at SunTrust (NYSE:STI) haven’t seen any significant movements coming to this Friday, as interested borrowers can expect to pay an interest rate of 3.990% and an APR of 4.006% for the 30-year fixed rate mortgage. In case of the 15-year FRM package, SunTrust advertises the said deal for as low as 3.375% and an APR variable of 3.403%.
The 30-year FHA loan looks quite attractive at SunTrust today, carrying a rate of 3.625% and an APR amounting to 4.638%.
Turning attention to the adjustable rate mortgages, the 7/1 ARM can be locked in and taken home today for as low as 2.875% and an APR yielding to 2.646%, while the shorter 5/1 ARM can be secured at a rate of 2.625% and an APR of 2.454%.