BB&T Bank Quotes Higher Mortgage Interest Rates on May 13, 2014

BB&T Bank Quotes Higher Mortgage Interest Rates on May 13, 2014

Moving in a different direction, Branch Banking and Trust Corp (NYSE: BBT) decided to part ways from its usual pricing approach and quote higher benchmark 30 year fixed mortgage interest rates on May 13, 2014. The borrowers, who are planning on stopping by the local branches of the bank, in search of ideal home purchase and refinancing home loan deals might have to deal with higher lending rates this Tuesday.In the long term housing finance segment, the North Carolina based mortgage lender is now offering its standard 30 year fixed rate home loans at a hiked interest rate of 4.250% and an annual percentage rate of 4.750% today. The relatively shorter, 15 year counterparts of the 30 year fixed rate mortgage home loans are now advertised in the bank’s books at a lending price of 3.250% and are backed by an annual percentage yield of 3.877% today.

In the exclusive home financing section, the bank now quotes its midterm, 20 year fixed rate mortgage home loan packages, for the borrowers who aren’t drawn towards the long term deals and find the short term deals to be quite expensive, at a lending rate of 4.000% and an annual return rate of 4.546%. For the seekers of the shortest home loan packages, the bank now offers its best, 10 year fixed rate mortgage home loans, at an interest rate of 3.000% and an APR yield of 3.714% today.

Mortgage interest rates published by the banks tend to move upward or downward depending upon the changes in the prices of mortgage backed financial bonds and securities, which are known to move along with the stock market indexes on any normal trading day. As the Wall Street waned towards the end of the trading day and closed at a reduced DJIA index of 15337.70, BB&T chose to follow the trail blindly and published its mortgage rates accordingly. Irrespective of the lending rates, the stock prices of BBT shares improve by +0.40 price points and closed at a new level of 35.72 by the end of the trading day.

Lately, BB&T Corp announced that it will be paying quarterly dividend to its shareholders in June 2014. The bank will now distribute dividends with a hike of 4.3%, making the amount of dividend equivalent to $0.24, which is 1% higher than the dividend paid by BB&T in the last quarter. In comparison to the dividend distributed during the same time of the year in 2013, the bank is paying out a cent higher dividend to the shareholders this year.

Disclaimer: The advertised rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the quotes.

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About the author

Rob is a analyst and reporter covering stocks and business news.