Today’s Mortgage Rates: Bank of America, Wells Fargo and BB&T Refinance Rates for August 13, 2012
Just like last week, this Monday lacks significant economic data that could have a major impact on mortgage rates. However, things will pick up starting from Tuesday, as data of July Retail Sales, Producer Prices and Business Invetories for June are scheduled to be released. These reports will clearly show the current position of the U.S. economy. We don’t anticipate very strong data, and if this is the case, it may result in mortgage rates falling back near record-lows.
Last Thursday, mortgage-buyer Freddie Mac stated that the average rate on the 30-year FRM inched up to 3.59%, which marks the second consecutive week of increase for this type of mortgage. The 15-year fixed rate mortgage has been shifting away from record-lows either in the last couple of weeks, as the national average rate on this loan rose to 2.84%. The lowest ever rate for this mortgage was set three weeks ago in the form of 2.80%.
Meanwhile, import prices unexpectedly declined 0.6 in July, the Labor Department said. This is the fourth straight week that import prices are falling, which signals that producers are having issues selling their products elsewhere.
Coming back to current mortgage rates, Bank of America (NYSE:BAC), one of the country’s largest mortgage lenders, begins the new week with the same strength seen last week. The benchmark 30-year fixed refinance mortgage is starting at 3.875% and bears an APR variable of 4.025%. Regarding the shorter, but equally popular 15-year FRM, the asking rate is 3.000% and features an APR of 3.262%.
Borrowers seeking to clear off their balances with the help of Bank of America’s 7/1 adjustable rate loan will need to pay 2.750% in interest and an APR figure of 3.240% as of Monday. The 5-year ARM retained its strength, as it begins at 2.500% and has an annual percentage rate of 3.205%.
Last week we saw some excellent mortgage packages at Wells Fargo (NYSE:WFC) and this week rates are off to a good start.as well. Currently, the 30-year fixed rate mortgage is being advertiesed for as low as 3.750% and comes with an APR figure of 3.925%. In case of the 15-year FRM the daily low is 2.875% which is accompanied by an APR variable of 3.182%.
Moving on to see updates on other type of mortgage loans, the 30-year fixed FHA-backed loan at Wells Fargo can be secured at a rate of 3.375% and bears an APR of 4.410%.
The 5-year adjustable rate mortgage may pique some interest from borrowers today, as it’s up for grabs at a rate of 2.250% and carries an annual percentage rate of 3.072%.
Branch Banking and Trust (NYSE:BBT) is among those lenders, which are offering refinance mortgage loans with some outstanding rates over the course of the last couple of weeks. This Monday, BB&T Bank has the standard 30-year fixed rate loan for home refinancing lined up at a rate of 3.875% and an APR variable of 3.941%. For your reference, last week this mortgage deal carried a rate of 3.750% and an APR sum of 3.857%. The 15-year fixed package may be a more appealing choice for others, as it can be locked in at a rate of 3.375% and yields to an APR of 3.510% as of Monday.