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Current Mortgage Rates: Bank of America, Wells Fargo and SunTrust Home Purchase Rates for February 24


By Admin | 24 February 2012

nyse:bac, bac, bank of america mortgage rates, current mortgage ratesMortgages 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.

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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%.

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