Today’s Mortgage Rates: Wells Fargo, BB&T and Citibank Refinance Rates for August 3, 2012
Following more than three months of continuous record-low drops, the 30-year fixed rate mortgage gained this week, according to Freddie Mac. The aforementioned loan averaged 3.55% during the current week, which is a slight increase from the all-time low 3.49%, it carried a week earlier.
The 15-year FRM had a similar movement this week, as the average rate on this loan moved up to 2.83%. The lowest rate for this type of mortgage is 2.80%, which was recorded last week.
Today’s domestic economic reports include July’s job report, which shows us that the U.S. economy added 163,000 jobs last month. Economists forecasted an increase of 100,000 jobs. On the other hand, unemployment rate ticked up slightly to 8.3%.
In other news, the service sector activity expanded in July, moving up to 52.6 from June’s 52.1, according to the Institute for Supply Management. The consensus expectation was for a reading of 52.0. The business activity index rose to 52.7, indicating a faster expansion than back in June, when it stood at 51.7.
Looking at today’s mortgage rates at Wells Fargo (NYSE:WFC), the benchmark 30-year fixed refinance loan is now being advertised at a rate of 3.750% plus an annual percentage rate of 3.925%. The 15-year fixed rate mortgage has an asking rate of 2.875% and features an annual percentage rate of 3.182%.
Those, who believe that the 30-year fixed FHA-insured package fit the bill better, can take advantage of this loan at a rate of 3.375% and an APR variable of 4.410%.
Another possible alternative is the 5-year ARM, which offers more flexible conditions for borrowers, who are willing to take the plunge, as it can be locked in at a rate of 2.250% and an APR figure of 3.072%.
Branch Banking and Trust (NYSE:BBT) has some interesting refinance deals on offer this Friday, with the standard 30-year fixed rate mortgage looking particularly attractive at a rate of 3.750% and has an APR sum of 3.846%. Borrowers, who want to refinance an existing loan with the help of the 15-year FRM can do so at BB&T Bank, if they are willing to pay 3.250% in interest and 3.421% by way of APR.
Just like Wells Fargo, BB&T Bank advertises the 30-year fixed FHA-backed mortgage at a rate of 3.375% which comes with an annual percentage rate of 3.603% as of Friday.
Mortgage rates remained steady all week at Citibank (NYSE:C), without having any major movements. Citibank quotes the 30-year fixed refinance mortgage at 3.875% and an APR of 4.029%, while the 15-year fixed counterpart carries 3.125% in interest and has 3.393% by way of annual percentage rate.