Mortgage Rates Today: Bank of America, Chase and TD Bank Refinance Rates for August 7, 2012
Mortgage rates began the new week with a little bit of improvement, as rates eased to slightly lower levels on Monday. While last week contained a whole lot of important economic reports, this week is rather light on significant data, thus probably we won’t see major movements regarding mortgage rates.
The latest reports say that demand for home purchase loans is picking up in the United States, which may indicate that a slow recovery is on the way for the struggling housing market. Three out of five major banks surveyed by the Fed reported increase in mortgage demand this summer. Still, many potential borrowers are stuggling to meet tight lender requirements, therefore they are unable to take advantage of the present low mortgage rates.
Mortgage-finance company, Freddie Mac reported last week, that the national average on the 30-year fixed mortgage inched up to 3.55% from the previous 3.49% rate. The 15-year FRM followed the same path, as it averaged 2.83%, which is slightly higher than the all-time low 2.80% from two weeks ago. Despite the recent increases, mortgage rates are still pretty much clinging near record-low levels, which should be enough incentives to potential homebuyers or home refinancers to take action.
Current mortgage rates at Bank of America (NYSE:BAC) are mirroring rates from Monday, displaying some rather strong packages. Home refinancers who want to take on the 30-year fixed rate loan, will see this long-term mortgage loan being offered by Bank of America at a rate of 3.875% and an APR sum of 4.025%. Also, the 15-year fixed mortgag remained unchanged this Tuesday, as the asking rate is 3.000% and an APR of 3.262%.
Turning to ARM packages, the initial interest rate on the 7/1 ARM is 2.750% and features an annual percentage rate of 3.270%. The 5/1 ARM possibly may pique some interest from borrowers, as it starts at 2.375% plus an APR figure of 3.191%.
Switching to Chase (NYSE:JPM), today’s mortgage rates are in slightly lower territory compared to those seen yesterday. The 30-year fixed refinance mortgage can be locked in at a rate of 3.750% with an APR yielding to 3.853%. Chase lowered the opening rate on the 15-year FRM, which is up for grabs at a rate of 2.875% and an APR variable of 3.072%.
Only minor changes affected Chase’s ARM deals coming to Tuesday, as the 7/1 ARM now opens at 2.625% and has an APR of 3.086%. For those, who are considering the 5/1 ARM alternative, the daily low is at 2.500% and amounts to an APR sum of 3.099%.
Among top lenders, TD Bank (NYSE:TD) is offering some interesting mortgage loans today, for those who are seeking home refinancing options. The 30-year fixed rate package is coming out at 3.875% and an APR variable of 3.925%. The 15-year FRM looks similary strong, and it may be appealing for many, as it carries a rate of 3.000% and has an annual percentage rate of 3.088%.
TD Bank’s 7-year ARM demands 2.875% in interest and comes with 3.126% by way of APR. The 5/1 adjustable rate loan, on the other hand, now hovers around 2.625% and features an APR variable of 3.083% as of Tuesday.
For more details on current mortgage rates, terms and conditions, please head over to lenders’ websites.