With several mortgage lenders either pulling off some strings to publish steady interest rates or falling prey to the volatile market conditions, potential home loan customers are getting more anxious about making a final move. At one such US based mortgage lender, Capital One Financial Corp (NYSE: COF), the market results took their toll and lead to an unwanted hike in the benchmark 30 year fixed mortgage interest rates on April 18, 2014.
This Friday, the potential customers will find standard, long term, 30 year fixed rate mortgage home loans being quoted at a higher interest rate of 4.375% and being backed by an annual percentage yield of 4.378%. On the other hand, the borrowers interested in taking the shorter route to finance their home can opt for the popular, short term, 15 year fixed rate mortgage loans, which are now coming out at an interest rate of 3.500% and an APR yield of 3.506% today.
In the exclusive, jumbo lending section, the mortgage shoppers with expensive financing needs can find the 30 year fixed rate mortgage home loan deals being published against a lending charge of 4.250%, which is accompanied by an APR yield of 4.251%. However, the relatively shorter, 15 year counterparts of the 30 year jumbo fixed rate mortgage home loans can be seen coming out at an interest rate of 3.875% and an APR yield of 3.877% this Friday.
As far as the flexible home loan deals are concerned, the adjustable rate mortgage home loan options, published in the bank’s portfolio, would prove to be ideal options for the interested customers. As of now, the borrowers can lock in the 5 year adjustable rate mortgage loans at a lending rate of 3.000% and an APR yield of 2.839% to start with. However, the seekers of more variable rates of interest can opt for the 7 year adjustable rate mortgage loans at an interest rate of 3.250% and an APR yield of 2.983% today.
The lending rates quoted by banks are often affected by the changes in the prices of mortgage backed financial securities, which move along with the stock market movements. As the Wall Street declined close to the end of the trading session, leaving the DJIA index at 15337.70, Capital One decided moved along the same path and published its mortgage home loan rates accordingly. Irrespective of the mortgage rates, stock prices of COF shares increased by +0.59 to touch a new level of 67.60 today.
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