Since the realty bubble burst, the mortgage market has been struggling a lot to keep its lending rates stable and pleasing to the prospective customers. This Tuesday, Branch Banking and Trust Corp (NYSE: BBT) managed to ride along a firm road and quotes its new home purchase and refinancing lending options at the same lending cost, without even making a minor change in its benchmark 30 year fixed mortgage interest rates.
As per the new home loan data published by BB&T on January 14, 2014, the standard, long term, 30 year fixed rate mortgage home loan deals are coming out at an interest cost of 3.875% and are backed by an annual percentage rate of 3.996%. In the short term lending section, the interested customers can find the 15 year fixed rate mortgage home loan schemes published against a lending charge of 4.500% and an APR yield of 4.989% today.
For the borrowers who aren’t satisfied with the standard loan options, the bank offers its unique, mid-term, 20 year fixed rate mortgage plans at an interest rate of 3.875% and an APR yield of 4.020% today. The shortest, 10 year fixed rate mortgage packages are now quoted at an interest price of 3.875% and an APR yield of 3.996% in the bank’s loan books.
When it comes to the refinancing lending options, the mortgage shoppers can find the popular 30 year fixed rate mortgage deals can be locked in at an interest rate of 3.750% and come along with an APR yield of 3.902% today. However, the short term, 15 year counterpart of the 30 year refinancing fixed rate mortgages can be had at a lending price of 4.375% and an APR yield of 4.918%.
In the unique refinancing department, the bank offers midterm, 20 year fixed rate mortgage home loan deals to the interested borrowers at an interest cost of 3.375% and an annual return rate of 3.964%. On the other hand, the shortest, 10 year refinancing fixed rate mortgage home loan schemes can be obtained by bearing an interest burden of 3.750% and an APR yield of 4.425%.
The new home purchase and the refinancing mortgage rates quoted by banks are often influenced by the upward and downward movement in the prices of mortgage backed financial securities, which generally follow the stock markets on any normal trading day. As the stock market dropped and left the DJIA index at 15337.70 by the end of the trading day, BB&T travelled along the same route to publish its mortgage rates. However, the stock prices of BBT shares gained some ground and rose up to a new price mark of 35.72 after a rise of +1.13%.
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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