Mortgage Rates Today: Bank of America, Capital One and BB&T Refinance Rates for July 20, 2012
U.S. mortgage rates hit new record-lows according to the McLean, Virginia-based Freddie Mac. According to the mortgage-finance company’s weekly survey, the national average on the 30-year fixed rate mortgage decreased to 3.53%, down from the previous record-low 3.56%. This is the lowest rate for this type of loan, since long-term mortgage were introduced in the 1950s.
As for the 15-year fixed rate loan, which is quite popular among refinancers, the average rate dropped to 2.83%, a slight decline from the the previous 2.86%. The recent downward movement in rates may give more incentives to potential homebuyers and refinancers to take advantage of ultra-low interest rates.
It’s difficult to forecast what direction mortgage rates will take even in the nearest future due to the high degree of uncertainty which impacts market movements. However, it’s safe to say that until the Eurozone’s debt crisis is looming, it’s unlikely that we will see a sharp upward movement in mortgage rates. Borrowing costs are still clinging near all-time lows, and most top lenders are offering some incredible value for money across their different home purchase and refinance packages.
Charlotte-based, Bank of America (NYSE:BAC) is in the circle of top mortgage lenders that are advertising some exceptionally low mortgage rates this Friday. Those who are interested to take on the 30-year FRM, will see an opening rate in the form of 3.875% plus an annual percentage rate of 4.014%. The 15-year version of this fixed rate mortgage might be a more suitable solution for those who prefer shorter-term loans. The aforementioned package now starts at 3.125% and carries an APR figure of 3.388%.
Refinancers who are seeking a favorable adjustable rate mortgage, will find Bank of America’s 7/1 ARM beginning at 2.750% and bears an APR sum of 3.250%. The 5/1 ARM looks equally attractive today, as it can be locked in for as low as 2.500% and comes with an APR of 3.205%.
Those would-be borrowers who head over to Capital One (NYSE:COF) will encounter some quite decent mortgage rates as far as home refinancing is concerned. Capital One is offering the 30-year fixed package at a rate of 3.875% which amounts to an APR of 3.977%. The 15-year fixed alternative, on the other hand, opens at 3.125% and holds an APR variable of 3.269%.
More flexible type of mortgages include the 5/1 adjustable rate loan, which is being offered by Capital One at a rate of 2.375% and an APR of 2.450% as of Friday.
Fixed rate mortgages at Branch Banking and Trust (NYSE:BBT) are a little bit higher today, with the 30-year FRM starting at 3.750% and carries an APR of 3.816%. The 15-year FRM now demands 3.250% in interest and 3.385% by way of annual percentage rate.
Borrowers who are not satisfied with loan conditions that come with fixed rate deals, should consider the flexible adjustable rate mortgages. Today, BB&T Bank advertises the 7/1 ARM at a daily low of 2.750% plus an APR figure of 2.822%. The 5/1 ARM alternative, on the other hand, has an asking rate of 3.250% and yields to an APR of 3.314%.