After remaining still as calm water for the past few days, the US based mortgage lender, Capital One Financial Corp (NYSE: COF), made some changes to the lending rates of its fixed and flexible home loan deals on February 12, 2014. The eligible borrowers, who are planning on finding solutions to their home financing needs at Capital One bank, will find no relative change in the benchmark 30 year fixed mortgage interest rates today, while spotting some minor changes in the rates at which other loan options are traded at the bank today.
This Wednesday, the interested home borrowers, can lock in the standard, long term, 30 year fixed rate mortgage home loans at an interest rate of 4.250% and an annual percentage rate of 4.253%. However, the borrowers, who find 30 years period to be quite long for a home loan, can go for the short term, 15 year fixed rate mortgage home loan deals, which are now advertised at an interest rate of 3.375 % today and an annual return rate of 3.381%.
For the borrowers, who are planning on purchasing an expensive home and are looking forward to have it financed through Capital One Financial, the bank offers its ideal 30 year jumbo fixed rate mortgage home loan deals at a lending rate of 4.125% and an annual percentage yield equivalent to 4.126% today. On the other hand, the short term, 15 year alternatives of the 30 year jumbo fixed rate mortgage deals can be locked in at an interest rate of 3.500% and an APR yield of 3.502% today.
The mortgage shoppers, who are in search of ideal home loans at variable interest rates, can spot the best 5 year adjustable rate mortgage home loans being traded at a starting interest rate of 3.000% and an annual return rate of 2.839% to begin with. On the other hand, the more flexible, 7 year adjustable rate mortgage packages are coming out at a starting interest cost of 3.375% and are backed by an APR yield of 3.041% on the initial amount of loan taken from the bank.
The current mortgage rates published by banks are normally affected by the variations in the prices of mortgage backed financial securities, which are known to follow the stock market movements on any normal working day. As the stock markets lost ground at the end of the trading day and left the DJIA index hanging around 15337.70, the bank blindly followed its footsteps and quoted its mortgage interest rates. However, irrespective of its lending rates, the stock prices of COF shares moved favorably and registered an improvement of +0.885 towards the end of the trading day.
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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