Mortgage Rates Today: Bank of America, TD Bank and Chase Refinance Rates for August 14, 2012
Just as we expected, Monday was quite slow in terms of trading volume, but also volatile at the same time. Mortgage rates didn’t have any significant change, although a few lenders were displaying some weaker rates. Contrary to yesterday, Tuesday brings us a number of important economic data both from Europe and the U.S., that overall may have a bigger impact on mortgage interest rates.
Due to the rebound in consumer spending, U.S. Retail Sales for July increased 0.8%, which is more than what economists had forecasted, the Commerce Department said on Tuesday. The current data marks the first gain in the last four months, showing a positive sign for the U.S. economy. As a consequence of better retail sales and rise in consumer spending, stock markets around the world may rally today, which isn’t particularly a good sign for mortgage rates.
On the other hand, the latest economic reports from the Eurozone suggest that the EU-27 posted a 0.2% decline in economic growth in Q2 2012, which marks the second straight quarter of shrinking output. Germany posted a modest economic growth of 0.3% in the same period, better than the 0.2% uptick forecasted by economists. At the same time, the French economy stagnated in the second quarter of 2012.
Looking at the U.S. mortgage rates, Charlotte-based mortgage lender Bank of America (NYSE:BAC) advertises the benchmark 30-year fixed rate mortgage for home refinancing at a daily low of 3.875% which features an APR of 4.025%. The 15-year fixed option, which could be ideal choice for those who want to refinance their existing loan over a shorter-term, has an asking rate of 3.000% and bears an APR figure of 3.262%.
Bank of America’s adjustable rate mortgage (ARM) deals had no significant changes coming to Tuesday, with the 7/1 ARM starting at 2.750% and an APR sum of 3.240%, whilst the 5-year ARM package can be locked in at a rate of 2.500% plus an APR variable of 3.205%.
Fixed rate mortgages at TD Bank (NYSE:TD) retained their strength from last week, as we noticed only fractional fluctuations regarding interest rates. The 30-year FRM at TD Bank currently demands 3.750% in interest and it’s accompanied by an annual percentage rate of 3.800%. The 15-year version of this type of loan can be taken out at a rate of 3.000% with an APR amounting to 3.088%.
Refinance mortgage rates at Chase (NYSE:JPM) showed some improvement last week. However, in line with the recent hikes in national averages, the 30-year fixed rate loan has been raised to 3.750% which has an APR of 3.842%. Interestingly, the 15-year FRM has remained firm, and it’s coming out at 2.875% plus an APR sum of 3.054%.
Likewise, ARM packages may garner some attention from borrowers, with Chase’ 7/1 ARM now carrying a rate of 2.750% and an APR variable of 3.123%. The shorter 5/1 version of this loan is up for grabs at a rate of 2.500% and yields to an APR figure of 3.108% as of Tuesday.
For more information on current mortgage rates, please head over to lenders’ websites.