Today’s Mortgage Rates: Bank of America, PNC Bank and Wells Fargo Refinance Rates for September 26, 2012
U.S. mortgage rates are under downward pressure this Wednesday, just like we experienced it in the earlier part of the week. The additional round of quantitative easing, the uncertainty over the Eurozone’s future and political tensions across the globe are all contributing to lower mortgage rates in the United States.
Today, and industry group released the results of its weekly mortgage survey. According to the Mortgage Bankers Association’s (MBA) Market Composite Index, which measures total mortgage activity, loan applications rose 2.8% in the week ended September 21. The rise in last week’s mortgage application activity was largely driven by falling mortgage interest rates. Earlier this month, the U.S. Federal Reserve announced that it would buy mortgage-backed securities worth $40 billion per month, in an attempt to spur economic growth and substantially improve the job market.
The MBA said, that last week loan requests for home refinancing jumped 3.3%, whilst the number of home purchase applications inched up 0.7%. The share of refinance applications of total mortgag activity improved to 81.2%, which is the largest share since early August.
With regards to current mortgage interest rates at major lenders, both potential buyers and home refinancers will see some excellent deals on offer today. Among the very best fixed rate mortgage loans we can find Bank of America’s (NYSE:BAC) 30-year FRM, which starts at 3.750% and an annual percentage rate of 3.899%. This is a tad higher than yesterday’s 3.625% rate. The 15-year fixed alternative, on the other hand, is coming out at 3.250% plus an APR sum of 3.495%.
The vast majority of key examples of ARMs are following similar patterns this Wednesday, with the 7/1 ARM carrying 2.625% in interest and an APR sum of 3.076%. The 5/1 ARM doesn’t look bad either, as it begins at 2.250% and bears an APR figure of 3.057%.
Switching to PNC Bank (NYSE:PNC), among the most popular fixed rate loans, the 30-year FRM is one of the better deals, as it’s quoted at 3.625% – 4.125% and it has an APR of 3.611% – 3.978%. Borrowers, who want to clear off their balances with the help of the 15-year fixed mortgage loan, can expect 2.875% – 3.500% in interest and 2.899% – 3.276% by way of annual percentage rate.
The value of the various mortgage loans that are being offered at Wells Fargo (NYSE:WFC) remains strong today, as some of the deals are matching record-lows or even beat them. The standard 30-year fixed refinance looks quite attractive today, as it’s available at a rate of 3.375% plus an APR sum of 3.546%. Speaking of excellent value, the 15-year FRM now demands only 2.625% in interest and it comes with an APR variable of 2.930%.
The starting rate on the 30-year FHA-backed loan inched down on Wednesday, and interested borrowers now can get this mortgage package locked in for as low as 3.125% and an APR of 4.139%.
For more information on today’s mortgage rates and terms and conditions, please visit lenders’ websites.