Mortgage Rates Today: Bank of America, PNC Bank and BB&T Refinance Rates for July 10, 2012
U.S. mortgage rates improved at the end of last week due to poor domestic and global economic data. On Monday rates started lower, after hitting all-time lows on Friday, and we anticipate the same kind of movement in the next few days.
Now, this week is going to be light on economic data, therefore we expect that mainly economic news and rumors from Europe will drive the markets. At the same time, the European debt crisis is still very much on the table, but we don’t think anything concrete will happen in the coming days in this matter.
As no signficiant economic data is scheduled to be published this week, mortgage rates may have some further improvements. Speculation about more easing from the Federal Reserve has begun. It will be interesting to see, if we get any hints on QE3, as a number of Fed governors scheduled to have speeches this week. Now, chances are increasing for QE3, due to rather weak domestic economic reports in the last couple of weeks.
Among top lenders, Bank of America (NYSE:BAC) has the 30-year fixed refinance loan lined up at a rate of 3.750% and comes with an APR sum of 3.920%. Those who believe the 15-year fixed counterpart fits the bill better, will encounter a starting rate of 3.125% plus an APR variable of 3.369%.
Moving focus to some of the better examples of adjustable rate mortgages, interested borrowers can take advantage of ongoing lows, as the 7/1 ARM is beginning at 2.750% and an APR sum of 3.280%. Other ARM packages show similar strength at Bank of America, with the 5/1 adjustable rate loan starting at 2.500% which carries an APR of 3.225% as of Tuesday.
The vast majority of top American lenders are offering mortgage loans for homebuying and refinancing across different packages, which come with some of the lowest rates in the history of the U.S. mortgage market. PNC Bank (NYSE:PNC) is not an exception to this statement, as this bank advertises the 30-year FRM for home refinancing at a rate of 3.625% and bears an annual percentage rate of 3.641%. On the other hand, the shorter-term 15-year fixed deal has a daily low of 3.000% and holds an APR figure of 2.971%,
Other borrowers, who are tracking mortage rates at Branch Banking and Trust (NYSE:BBT), today will see some very attractive mortgage loans on offer. The 30-year fixed mortgage package is on the books at a rate of 3.625% plus an APR variable of 3.690%. The popular 15-year version of this fixed rate loan can be secured for as low as 3.000% and an APR of 3.152%.
Those who are leaning towards refinancing with the help of BB&T Bank’s 30-year fixed FHA type mortgage, will need to pay 3.250% in interest plus 3.487% by way of annual percentage rate.
For more information on current mortgage rates, terms and conditions, please visit lenders’ websites.