Mortgage Rates Today: Bank of America, Chase and BB&T Refinance Rates for August 16, 2012
In the last few days we observed a rising trend in mortgage rates, with yesterday being no exception. In fact, on Wednesday mortgage rates reached their two-month highs, as they abruptly moved higher. This reflected mortgage lenders’ rate sheets, as several top banks increased the interest rates on various mortgage packages. As it’s rather difficult to predict what direction mortgage rates will take, the best bet is to assume that rates will remain at their current higher levels for the time being.
Today, Freddie Mac released its weekly mortgage survey and according to the results, the national average rate on the 30-year fixed rate loan ticked up to 3.62% from last week’s 3.59%. The 15-year FRM experienced an upward movement either, as this week it averaged 2.88%, which is 4 basis points higher than last week’s 2.84% rate. After a long streak of declines, average mortgage interest rates for long-term loans increased for the third straight week. According to Vice President and Chief Economist of Freddie Mac, Frank Nothaft, various economic indicators point to a rebounding economy which put additional pressure on mortgage rates.
Currently, Bank of America’s (NYSE:BAC) 30-year fixed rate refinance mortgage loan opens at 3.875% and comes with an annual percentage rate of 4.046%. The 15-year fixed deal had no movement since yesterday, and it stands at 3.000% plus an APR variable of 3.280%.
The flexible 7/1 adjustable rate loan at Bank of America now carries a daily low of 2.750% and bears an APR figure of 3.240%. At the same time, the starting rate on the 5/1 ARM ticked down to 2.375% which features an APR of 3.172%.
Refinance options are available at excellent rates at Chase (NYSE:JPM), with the standard 30-year fixed mortgage carrying a rate of 4.000% and it’s accompanied by an annual percentage rate of 4.072%. Although, this loan was offered by Chase at lower rates last week, rates moved up to higher territory in line with national averages. The equally popular 15-year version of this mortgage demands 3.000% in interest and 3.162% by way of APR sum.
Various adjustable rate loans are up for grabs at Chase including the 7/1 ARM, which is now carrying a higher interest rate in the form of 2.875% and features an annual percentage rate of 3.171%. On the other hand, the 5-year ARM package can be picked up at a rate of 2.625% with an APR variable of 3.141%.
Those who are regularly tracking mortgage rates at Branch Banking and Trust (NYSE:BBT), could see some rising trends aross the various loan packages. Today, the standard 30-year FRM for home refinancing can be locked in at a rate of 4.000% plus an APR sum of 4.077%. For your information, last week this mortgage was offered at a rate of 3.875% and an APR of 3.941% by BB&T Bank. The popular 15-year fixed option is available at a rate of 3.500% and it holds an annual percentage rate of 3.617% as of Thursday.