Last week, national average rates on both the 30-year and 15-year fixed mortgages improved, the first time in five weeks, according to McLean, Virginia-based mortgage-buyer, Freddie Mac. The standard 30-year fixed rate loan is now averaging 3.59%, down 7 basis points from the previous 3.66%. As for the 15-year FRM, the current rate is 2.86%, a slight improvement from the previous 2.89%.

Regarding U.S. mortgage applications, the result of the most recent mortgage survey from the Mortgage Bankers Associaton (MBA) shows a 4.3% decline in total mortgage activity for the week ended August 24. Based on the MBA’s Market Composite Index, the number of filed refinance applications dropped 5.7%, while loan requests for home purchase gained 1.4%. The refinance share of total mortgage applications fell to 79%, down from the previous 80% share.

Mortgage rates improved moderately at the end of last week, following Ben Bernanke’s speech on Friday. Treasuries and MBS picked up, though, the improvements in bond markets came too late to significantly impact mortgage rates. The first two weeks of September will be key for mortgage rates and will be interesting to see whether the Fed will eventually decide on further quantitative easing or not.

Banks are closed on Labor Day and will open tomorrow. Let’s see the current mortgage refinance rates at some of the top U.S. lenders.

Bank of America (NYSE:BAC) carries the 30-year fixed mortgage at a rate of 3.625% and comes with an APR variable of 3.752%. The 15-year version of this fixed rate deal is coming out at 2.875% and bears an APR figure of 3.118%.

Currently, the initial rate on Bank of America’s 7/1 adjustable rate mortgage loan is 2.625% and an APR of 3.163%. Those who rather opt for the 5/1 ARM, will see a rate of 2.250% plus an annual percentage rate of 3.139%.

Another U.S. lender, Branch Banking and Trust (NYSE:BBT) is offering the benchmark 30-year fixed refinance package at a rate of 3.875% which is accompanied by an APR sum of 3.941%. For your reference, a week earlier, this type of loan carried the same interest rate. In case of the shorter-term, 15-year fixed mortgage loan, it demands now 3.375% in interest and features an APR of 3.492%.

The FHA-backed 30-year fixed loan remained firm at 3.625% and has an annual percentage rate of 3.836%.

Heading over to Wells Fargo (NYSE:WFC), currently the 30-year FRM is hovering around 3.750% and comes with an APR of 3.925%. For those, who prefer to refinance their existing loans over a shorter-term, Wells Fargo’s 15-year fixed rate deal might be an idea solution, as it stands at 3.000% and bears an APR figure of 3.308%.

Other type of mortgage solutions include, the 30-year fixed FHA package, whic looks quite competitive compared to other lenders’ offerings. Currently, Wells Fargo advertises this long-term FHA loan at a rate of 3.500% which amounts to an APR of 4.551%.

Regarding the flexible, 5-year ARM mortgage loan, the asking rate is 2.250% and has an APR variable of 3.072%.

For more information on today’s mortgage rates, terms and conditions, please visit lenders’ websites.