Mortgage Rates Today: Chase, BB&T and TD Bank Refinance Rates for August 8, 2012
Mortgage applications in the United States slipped 0.2% last week, according to the latest findings of an industry group. The Washington-based Mortgage Bankers Association (MBA) revealed earlier on Wednesday, that refinance applications tumbled 2.0%, while loan requests for home purchases were down 1.0% in the week ended August 3. The share of refinance applications remained unchanged at 81%.
The Federal Housing Administration released its Single-Family Outlook report for June, which shows that refinance applications filed for FHA-backed mortgage loans surged by almost 200% from May to June. According to the report, 188,810 FHA loan applications were filed in June, which translates to a 51.4% increase compared to data from May. On a year-over-year basis, the current number of applications is 43.3% higher than data from same time, last year.
The total number of refinance applications submitted in June shows a significant rise in the form of 102,640. Back in May, only 34,407 applications were filed for refinancing an existing mortgage. Overall, the current data translates to a 198.3% increase in a month-over-month comparison.
On the other hand, home purchase applications volume fell 4.3% in June. Overall, a total of 79,138 mortgage applications were filed June, down from May’s 82,726 data.
Coming to mid-week, mortgage loans for home refinancing at Chase (NYSE:JPM) are representing some excellent value across the board. This Wednesday brings a myriad of popular home refinancing options for those, who are willing to take the plunge. Among the series of loan packages, the 30-year fixed rate mortgage stands out, as it can be taken out for as low as 3.750% and carries an annual percentage rate of 3.842%. The 15-year FRM is heading in exactly the same direction, as it can be locked in at a rate of 2.875% with an APR yielding to 3.072%.
If adjustable rate loans look more appealing, Chase’s 7/1 ARM can be picked up at a rate of 2.750% and an APR of 3.114%. The 5/1 ARM alternative now demands 2.500% in interest and an APR variable of 3.099%.
Mortgage interest rates at Branch Banking and Trust (NYSE:BBT) remained nearly unchanged on Wednesday, which should be good news for potential borrowers. Those looking to clear their balances over 30 years with the help of BB&T Bank’s 30-year fixed rate mortgage can expect an interest rate of 3.875% with an APR amounting to 3.941%. Other borrowers, who think the 15-year FRM fits the bill better, can expect 3.375% in interest and an APR figure of 3.491%.
The 30-year fixed FHA-backed mortgage loan remained attractive, as it opens at 3.625% and bears an annual percentage rate of 3.835% as of Wednesday.
We noticed some interesting mortgage packages on offer at TD Bank (NYSE:TD) yesterday, and looking at today’s rates, some of the fixed rate packages seem even more attractive now. The standard 30-year fixed refinance mortgage at TD Bank starts at 3.750% which is accompanied by an APR of 3.800%. With regards to the 15-year fixed counterpart, refinancers can take advantage of it, if they are willing to pay 3.000% in interest plus an APR sum of 3.088%.
For more information on current mortgage rates, terms and conditions, please head over to lenders’ websites.