After moving along a steady line for the past few weeks, the benchmark 30 year fixed mortgage interest rates at Branch Banking and Trust (NYSE: BBT) sneaked to a higher level on March 6, 2014. According to the recent market observations, the standard home purchase and refinancing offerings of BB&T bank are coming out at higher interest rates this Thursday, which surely isn’t a pleasant piece of news for the potential home loan seekers.
In the standard, long term home financing section, the US based mortgage lender is presently trading its 30 year fixed rate mortgage home loan deals at an interest rate of 3.750% and an annual percentage rate of 3.872% today. However, for the seekers of short term home financing options, the bank publishes the best 15 year fixed rate mortgage home loan packages in its loan books against a lending charge of 4.375% and an APR yield of 4.887% today.
For the mortgage shoppers, who are not impressed by the return rate that accompanies the 30 year deals and are find 15 year deals to be a bit expensive, the bank offers its exclusive, midterm, 20 year fixed rate mortgage home loan options at an interest cost of 3.250% and an annual return rate of 3.896%. On the other hand, the shortest, 10 year fixed rate mortgage home loan packages can be had at an interest price of 3.750% and an APR yield of 4.395% today.
In the refinancing department, the bank is giving tough competition to its counterparts by publishing its popular 30 year fixed rate mortgage home loan options against a lending price of 3.750% in its loan portfolio and an APR yield of 3.882%. Alternatively, the shorter, 15 year counterparts of the 30 year refinancing fixed rate mortgage loans are now coming out at an interest rate of 4.375% and carrying an APR yield of 4.898% today.
In its exclusive lending division, the bank provides the midterm, 20 year refinancing fixed rate mortgage home loan schemes at a lending rate of 3.375% and an APR yield of 3.933% today. However, the shortest, 10 year refinancing fixed rate mortgage packages are up for grabs at an interest cost of 3.750% and come along with an APR yield of 4.405% this Thursday.
The mortgage interest rates quoted by the banks are generally affected by the price movement experienced by the mortgage backed financial bonds and securities, which normally move along the stock market movements. As the stock market lost its ground by the end of the trading day, putting the DJIA index down at 15337.70, BB&T chose to follow its footsteps blindly and quote its interest rates accordingly. Regardless of the mortgage rates, the stock price of BBT shares rose up by +1.13% and closed at a new price point of 35.72.
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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