Mortgage Rates Today: Wells Fargo, BB&T and TD Bank Refinance Rates for September 24, 2012
The Federal Reserve’s recent move of introducing the third round of quantitative easing pushed mortgage rates into new-record lows last week. This should be good news for the housing sector, however, home refinancing applications still outdo loan requests for home purchases, according to the Mortgage Bankers Association’s (MBA) latest mortgage report.
While last week lacked significant economic data, this week seems to be packed with some important reports including major housing market data, durable good orders, weekly jobless claims report amongst others. These domestic economic reports will provide additional information on the current state of the U.S. economy and they may also influence mortgage rates.
Although, mortgage rates are once again trending lower, the problem is that a lot of potential borrowers are unable to take advantage of them because of tight lending standards. Excellent credit rating, high down payments are among the factors that some borrowers can’t meet. Since the pace of the U.S. economy’s recovery looks uncertain, some of those potential borrowers who qualify for rock-bottom rates, are hesitatnt to take out new debt.
Having said that, those who are in the market for a favorable mortgage loan, will find a bunch of interesting deals on offer today. For instance, Wells Fargo (NYSE:WFC) is offering the standard 30-year fixed package at a rate of 3.625% and an annual percentage rate of 3.799%. The shorter-term, 15-year fixed mortgage for home refinancing is coming out at 2.750% and an APR variable of 3.056%.
Wells Fargo also has some other interesting mortgage loan offers, including the 5-year ARM, which now demands 2.250% in interest plus an APR figure of 3.072%.
Borrowers seeking for an excellent, long-term mortgage package for home refinancing, should consider Branch Banking and Trust’s (NYSE:BBT) 30-year FRM, which hovers at 3.500% and it comes with an APR of 3.595%. BB&T Bank advertises the 15-year version of this fixed mortgage loan at a rate of 3.000% and it has an APR sum of 3.116%.
For those preferring to take their chances on the 30-year FHA-insured deal, will need to pay 3.250% in interest and an APR variable of 3.354%.
Moving on to some of the better refinancing options at TD Bank (NYSE:TD), would-be borrowers will see the benchmark 30-year fixed mortgage being offered at a rate of 3.750% and it features an APR variable of 3.800% as of Monday. Those who are rather opting for the 15-year fixed alternative, will see a starting rate of 3.000% plus an APR of 3.088%.
Regarding TD Bank’s flexible adjustable rate loans, the 7/1 ARM begins at 2.750% and it’s accompanied by an APR of 3.069%. The 5/1 ARM, on the other hand, can be picked up at 2.500% with an APR amounting to 3.040%.