Today’s Mortgage Rates: Chase, Wells Fargo and Citibank Refinance Rates for September 25, 2012
It will be interesting to see what direction U.S. mortgage interest rates will take this week, as a significant amount of domestic economic data is scheduled to be released. These economic data includes up-to-date reports on durable goods orders, GDP, housing sector, jobless claims to name a few. Last week we experienced a downward pressure on mortgage loans and lenders updated their rate sheets with lower rates.
Bankrate.com (NYSE:RATE) release the results of its weekly survey last Thursday, which revealed that the 30-year FRM sank to a new record-low in the form of 3.70%. Last week this type of mortgage loan averaged 3.81%. The shorter 15-year FRM followed the same path, as it plunged to 2.95%, which is below the previous 3.04% rate. The flexible 5/1 ARM has inched down as well, and the current average rate is now 2.69%, which is 6 basis points lower than the previous 2.75%.
Earlier this Tuesday we reported on current mortgage rates at Bank of America (NYSE:BAC), KeyBank (NYSE:KEY) and Branch Banking and Trust (NYSE:BBT). In this report we will take a look at today’s mortgage rates at other major lenders.
Turning focus to fixed mortgages at Chase (NYSE:JPM), the long-term 30-year fixed loan for home refinancing is available at a rate of 3.500% with an APR yielding to 3.550%. Those who believe the 15-year fixed mortgage fits the bill better, can expect a rate of 2.750% and and APR variable of 2.875%.
The value looks consistent as far as adjustable rate mortgages are concerned, as Chase is advertising the 7/1 ARM at a rate of 2.500% and it bears an APR sum of 2.986%. Looking at the 5/1 ARM it’s coming out at 2.250% and an annual percentage rate of 2.982%.
Among the range of fixed mortgages at Wells Fargo (NYSE:WFC) borrowers can find some excellent offerings today. For instance, the 30-year FRM can be locked in at a rate of 3.375% and it carries an APR variable of 3.546%. Those who prefer to refinance over 15-years, will find Wells Fargo’s 15-year fixed package being offered at a rate of 2.625% and it bears an APR figure of 2.930%.
The FHA version of the 30-year FRM is quoted at 3.250% and it’s accompanied by an annual percentage rate of 4.274%.
Would-be borrowers, who are considering to take their chances on the 5-year ARM, will see an interest rate of 2.250% with an APR amounting to 3.072%.
Among the popular fixed rate loans Citibank (NYSE:C) has the 30-year fixed mortgage lined up at a rate of 3.375% and an annual percentage rate of 3.535%. Borrowers who would like to clear balances over 15-years, should consider Citibank’s 15-year FRM, which is now carrying a rate of 2.875% plus an APR sum of 3.105% as of Tuesday.