Mortgage Rates Today: Bank of America, Chase and Wells Fargo Refinance Rates for August 10, 2012
Mortgage rates gained on Thursday, although some lenders’ rate sheets didn’t reflect the changes. Meanwhile, the Labor Department reported that last week initial claims for unemployment benefits fell by 6,000 to 361,000. This comes as good news and it’s signaling a positive turn in the job market.
On Thursday, buyer of residential mortgages, Freddie Mac said that the national average rate on the 30-year FRM rose to 3.59% from the previous 3.55% rate a week back. The average rate on the 15-year fixed loan showed a similar movement, as it dropped to 2.84%, which is 1 basis point higher than last week’s 2.83% rate. Freddie Mac vice president and chief economist, Frank Nothaft stated that the increase in rates was mainly driven by the stronger-than-expected employment data from last week.
Nevertheless, as we are heading to the weekend, most of the top U.S. lenders are offering mortgage loans for both home purchase and refinancing at excellent rates. Despite, the slight upticks this week, mortgage interest rates are not too far from record-lows, so prospective borrowers, who are in the market for a mortgage, will find plenty of interesting deals.
Today’s mortgage interest rates at Bank of America (NYSE:BAC) are mirroring those seen yesterday. The 30-year fixed rate mortgage is being offered at a rate of 3.875% and features an annual percentage rate of 4.057%. The 15-year FRM, on the other hand starts at 3.000% and it’s accompanied by an APR sum of 3.299%.
Regarding the more flexible adjustable rate loans, the 7/1 ARM carries 2.750% in interest and comes with an APR of 3.250%. In case of the shorter 5/1 ARM alternative, the opening rate is 2.500% and bears an APR figure of 3.205%.
Good news for potential borrowers that fixed rate loans at Chase (NYSE:JPM) has improved, and the 30-year FRM can be locked in for as low as 3.625% plus an APR variable of 3.716%. The 15-year fixed rate mortgage follows the same trend as it’s available at a rate of 2.875% and an APR of 3.018%.
Switching to adjustable rate mortgages, Chase’s 7/1 ARM can be secured at a rate of 2.625% and an APR sum of 3.086%. Those who believe the 5/1 ARM fits the bill better, can secure it at a rate of 2.500% with an APR yielding to 3.099%.
Another major lender, Wells Fargo (NYSE:WFC) has the 30-year fixed rate loan lined up at a rate of 3.750% and carries an APR figure of 3.925%. The shorter-term, fixed rate deal now demands 2.875% in interest and 3.182% by way of APR.
Other mortgage loan options include the FHA-backed, 30-year fixed rate loan, which can be taken home at a rate of 3.375% and bears an APR figure of 4.410%.
The 5/1 ARM at Wells Fargo remained quite attractive, as the starting rate is 2.375% and features an annual percentage rate of 3.115% as of Friday.


