Mortgage Rates Today: Bank of America, Wells Fargo and BB&T Refinance Rates for September 28, 2012
U.S. mortgage rates dipped to new record-lows this week, as the Federal Reserve resumed to buy mortgage-backed securities worth $40 billion per month in an attempt to spur economic growth. It has been considered as a move that would push mortgage rates and borrowing costs even lower. The Fed said that it will continue the program until it experiences a substantial improvement in the job market.
According to Freddie Mac, the 30-year fixed mortgage averaged 3.40% this week, which is the lowest ever rate in the history of this long-term loan. The previous record-low rate was 3.49% from last week. Following the downward path is the 15-year FRM, which ticked down to 2.73% from 2.77%, and this is also a new-record low rate.
Lower borrowing costs certainly convinced some buyers to take out debt, as according to the Mortgage Bankers Association’s (MBA) latest survey, the number of filed mortgage applications rose 2.8% in the week ended September 21. Mortgage refinance activity increased 3.3%, while the Purchase Index inched up 0.7% during last week, the MBA said. Refinance applications are responsible for a share of 81.2% out of total mortgage applications, which indicates a slight uptick in refinance activity compared to data from a week earlier.
Mortgage rates at Bank of America (NYSE:BAC) haven’t changed much since yesterday, which means that borrowers will see some excellent rates on the table. Those who are considering to refinance their existing loans, will find the 30-year FRM carrying 3.750% in interest and 3.899% by way of annual percentage rate. The shorter, but equally popular 15-year fixed mortgage now has an interest rate of 3.125% and it’s accompanied by an APR variable of 3.406%.
As we mentioned above, there are no major changes today as far as adjustable rate mortgages are concerned. The initial rate on the flexible 7/1 ARM is 2.625% and it features an APR sum of 3.066%. The 5/1 ARM remains competitive at 2.250% and it holds an APR of 3.047% as of Friday.
Now, borrowers who are looking for some alternatives, should take a look at today’s mortgage rates at another major lender, Wells Fargo (NYSE:WFC). Those who prefer fixed mortgages will be well-catered for, as the standard 30-year fixed loan is available at a rate of 3.500% plus an APR figure of 3.673%. Although, this is a little bit higher rate compared to the level seen earlier this week, it still one of the better deals out there. On the other hand, the 15-year fixed package will see balances cleared off at a rate of 2.625% and an APR of 2.930%.
Other potential borrowers, who are looking to lock in the lowest possible rates with the assistance of Branch Banking and Trust (NYSE:BBT), will see the benchmark 30-year fixed mortgage loan being advertised at a rate of 3.375% with an APR amounting to 3.490%. For your information, this package carried a slightly higher rate last week, in the form of 3.625%. BB&T Bank’s 15-year fixed mortgage also looks strong today, as it begins at 2.875% and an annual percentage rate of 3.045%.