Mortgage Rates Today: Bank of America, KeyBank and BB&T Refinance Rates for September 25, 2012
Mortgage rates started the new week with new-records lows on Monday, continuing the downward movement that kicked off during the past week. Unlike last week, which was especially light on economic data, the current week promises a bunch of important economic reports including durable good orders, GDP, housing market data, weekly jobless claims and consumer sentiment report amongst others.
Speaking of domestic economic data, the Dallas Federal Reserve published the results of the latest Texas Manufacturing Survey on Monday, which showed that manufacturing activity in the Texas area contracted in September. Although, the business activity index increased to -0.9 from last month’s -1.6, readings below zero signals contraction.
Virginia-based mortgage-finance company reported last Thursday, that the national average rate on the 30-year fixed mortgage loan tumbled to 3.49% from the previous 3.55%. The 15-year fixed rate deal averaged 2.77%, down from 2.85% that it held a week earlier.
This Tuesday sees the 30-year fixed refinance loan being offered at Bank of America (NYSE:BAC) at a rate of 3.625% which carries an annual percentage rate of 3.773%. Regarding the shorter-term 15-year FRM, which is favored by those who are into home refinancing, is starting at 3.125% and it amounts to an APR sum of 3.369%. This is a slightly higher rate compared to the one seen yesterday.
The initial rates on most ARM loans at Bank of America remained unchanged today. Those who are preferring to take on the 7/1 adjustable rate loan, will see it being advertised at a rate of 2.625% and an APR variable of 3.076%. The 5/1 ARM, on the other hand, begins at 2.250% and bears an APR variable of 3.057%.
Those who area heading over to KeyBank (NYSE:KEY) will find plenty of excellent mortgage loan packages on Tuesday. The standard 30-year fixed package is available at a rate of 3.430% with an APR amounting to 3.500%. The 15-year FRM looks attractive today, the current starting rate is 2.850% and it has an APR figure of 2.975%.
Switching to adjustable rate mortgages, KeyBank offers the 7/1 ARM at a rate of 2.530% which features an annual percentage rate of 2.989%. Others, who are taking on the 5/1 version of this mortgage package, will find it being advertises for as low as 2.420% and an APR sum of 3.032%.
Home refinancers turning to Branch Banking and Trust (NYSE:BBT) will see the 30-year FRM carrying a rate of 3.500% and it comes with 3.565% by way of APR. The shorter, 15-year fixed alternative demands 2.875% in interest and it bears an APR of 3.063%.
Similar value appears to be the order of the day in terms of ARM packages. Borrowers who are looking for the assistance of BB&T Banks to get an adjustable rate mortgage locked in, will see the interest rate for the 7/1 ARM hovering at 2.750% and it features an APR variable of 2.841%. In case of the 5/1 ARM, it may pique some interest from potential borrowers as it begins at 2.625% plus an APR sum of 2.687% as of Tuesday.