Today, the Labor Department said, that jobless claims remained unchanged at 370,000 in the week ended May 12. The data indicates that more Americans filed for unemployment benefits last week, than it was previously forecasted. Earlier, a group of economists surveyed by Bloomberg News said, that jobless claims could drop to 365,000 in the said period.
Meanwhile, Virginia-based mortgage-finance company reported, that the national average on the 30-year FRM fell to a new all-time low this week, making homebuying and refinancing even more attractive for US borrowers. According to Freddie Mac’s weekly survey, the new record-low for the aforementioned mortgage is 3.79%, improving from the previous 3.83% rate from last week.
At the same time, the 15-year fixed rate loan averaged 3.04%, which is below the the previous record-low 3.05%, the mortgage buyer company said on Thursday. This is the third straight week, that mortgage rates have been falling to new-record lows.
Looking at the best mortgage rates today at major US lenders, Wells Fargo (NYSE:WFC) offers the 30-year fixed refinance loan for as low as 3.875% and an APR sum of 4.051%. The 15-year fixed rate mortgage is on the cards as well, as it has a daily low of 3.000% and bears an APR variable of 3.308%.
Other home refinancing options include, the 30-year fixed FHA loan, which is available at Wells Fargo at a rate of 3.750% and comes with an APR figure of 4.827%.
With regards to more flexible type of deals, Wells Fargo’s 5-year ARM begins at 2.375% plus an annual percentage rate of 3.196%.
Today’s refinance rates at Citibank (NYSE:C) are mirroring those consistently low rates, that we have seen earlier this week. In case of today’s leading fixed refinance mortgage packages, the 30-year FRM is being offered at a rate of 4.000% and holds an annual percentage rate of 4.238%. Likewise, the 15-year fixed rate loan is available at a fairly reasonable 3.250% and carries 3.889% by way of APR.
Rounding out today’s mortgage rates report with Bank of America’s (NYSE:BAC) best home refinance deals, the Charlotte-based bank advertises the 30-year fixed refinance package at a rate of 4.000% with an APR amounting to 4.172%. On the other hand, the 15-year fixed counterpart remains staggeringly competitive, as it can be locked in for as low as 3.375% and an APR of 3.677% this Thursday.
Borrowers, who are looking to refinance with the help of the flexible ARM loans, might consider Bank of America’s 7/1 adjustable rate mortgage, as it can be secured at a rate of 2.875% and bears an APR variable of 3.298%. Those, who rather opt for the shorter, 5/1 ARM will face an interest rate of 2.750% and an annual percentage rate of 3.291%.