The Winston-Salem based lender, Branch Banking and Trust (NYSE: BBT) did make some improvements to the mortgage interest rates, at which, the new home purchase as well as refinancing loans are available on December 11, 2013. This Wednesday, the interested borrowers will find the benchmark 30 year fixed mortgage rates heading back south after enjoying a good number of days in the not-so-pleasant north.
Today, the potential home buyers can find the standard 30 year fixed rate mortgage home loans listed at an interest rate of 3.875%, which come along with an annual percentage rate of 4.007%. On the other hand, the short term counterpart of the 30 year FRM deals, the 15 year fixed rate mortgage loans are available for those who are ready to bear an interest cost of 4.375% and an APR yield of 4.919%, today.
In the unique lending division, the mortgage lender offers the exclusive 20 year fixed rate mortgage loans at an interest rate of 3.375%, which carry an APR yield of 3.946%. However, the shortest, 10 year fixed rate mortgage loans are up for grabs at an interest rate of 3.875% and an APR yield of 4.531% today.
The mortgage interest rates are normally affected by the fluctuations in the prices of mortgage backed bonds and securities traded in the financial markets by the bank, which are known to follow the movement of stock market on a regular basis.
As the stock market declined by the end of the day and left the DJIA index down at 15337.70, BB&T also followed the same path and published its mortgage rates accordingly. However, regardless of the interest rates, the stock prices of BBT shares rose up by +1.13% and closed at a new price mark of 35.72 by the end of the trading day.
The wrath of lawsuits seems to have to mercy for a majority of mortgage lenders in the United States. Lately, the beneficiaries of the estate of an individual belonging to Martinsburg, who died about 10 years back, have filed a Racketeer Influenced and Corrupt Organizations Act lawsuit against Branch Banking and Trust earlier this month, in the US District Court of the Northern District of Western Virginia.
The lawsuit alleges the bank by creating an illegal scheme for taking the possessions of a multi-million dollar farm, which was owned by a man named Yoe and was to be given away to the beneficiaries after his death. The bank was actively involved in the sale process of the farm in 2003, which was conducted by Yoe’s beneficiaries after his death to deal with estate taxes amounting to $1 million.
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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