Today’s Mortgage Rates: Wells Fargo, Chase and BB&T Refinance Rates for August 30, 2012
The McLean, Virginia-based mortgage-finance company, Freddie Mac reported this morning that national average rates for both 30-year and 15-year fixed loans ticked down this week. This is the first time in five weeks that mortgage rates declined, lowering borrowing costs for potential homebuyers and refinancers.
According to Freddie Mac, the average rate on the 30-year fixed mortgage fell to 3.59% from the previous 3.66% this week. The all-time low rate for this type of mortgage is 3.49% and was set a couple of weeks ago. As for the 15-year FRM, the average rate now stands at 2.86%, that’s an improvement from the previous 2.89% rate. According to Frank Nothaft, VP and chief economist of Freddie Mac, lower bond yields allowed mortgage rates to have a downward movement.
In other news, pending home sales rose 2.4% in July, figures from the National Association of Realtors revealed yesterday. The rebound in pending home sales marks the highest level since April 2010. The consensus expectation was for a 1% increase.
We reported on current mortgage rates at Bank of America (NYSE:BAC), TD Bank (NYSE:TD) and Citibank (NYSE:C) earlier this Thursday. Now, let’s take a look at refinance rates at other top mortgage lenders.
San-Francisco-based major lender, Wells Fargo (NYSE:WFC) is offering the standard 30-year fixed refinance loan at a rate of 3.875% which comes with 4.051% by way of annual percentage rate. The 15-year fixed loan looks competitive compared to other lenders’ similar offerings, as the current starting rate is 3.000% and features an APR of 3.308%.
The 5-year ARM remained firm at 2.250% plus an APR of 3.072%, providing would-be borrowers a flexible alternative compared to fixed rate deals.
Switching to mortgage rates at Chase (NYSE:JPM), similarly to yesterday the 30-year fixed rate mortgage can be secured at a rate of 3.875% with an APR yielding to 3.947%. We haven’t noticed any changes regarding the 15-year FRM either, as it starts at 3.000% and it’s accompanied by an APR sum of 3.125%.
In case of the more flexible ARM packages, the intial rate on Chase’s 7/1 ARM has been raised to 2.625% which bears an APR figure of 3.051%. The 5/1 ARM didn’t have any movement this Thursday, as borrowers can expect 2.375% in interest and an APR of 3.039%, in case they opt for this mortgage loan.
Branch Banking and Trust (NYSE:BBT) advertises home mortgage deals at excellent rates over the last couple of monts. Today, the long-term, 30-year fixed loan is available at a rate of 3.875% and comes with an annual percentage rate of 3.941%. BB&T Bank has the 15-year fixed package lined up at a rate of 3.375% with an APR amounting to 3.510%.
The 30-year FHA-backed loan remained unchanged, with the current opening rate hovering near 3.625% and has 3.835% by way of APR.
For more details on today’s mortgage rates and terms and conditions, please head over to lenders’ websites.