The borrowers who are planning on acquiring home purchase or refinancing home loans from the Toronto Dominion Bank (NYSE: TD) on December 23, 2013, will still be shocked to look at the new mortgage rate charts. At the beginning of a new week, the bank has increased its benchmark 30 year fixed mortgage interest rates, thereby making its loan schemes less popular in the eyes of the potential customers.
In the long term lending portfolio of the bank, the customers can find the standard 30 year fixed rate mortgage loans published against a lending charge of 4.688% and an annual percentage rate of 4.803% today. In the short term loaning section, the bank offers 15 year fixed rate mortgage home loans at an interest rate of 3.688% and an APR yield of 3.883% to start with.
As far as the adjustable rate mortgage loans are considered, the bank is now offering its 3 year flexible rate deals at a rate of 2.688% and an APR yield of [email protected] The relatively more flexible, 5 year adjustable rate mortgage home loans can be had at an interest rate of 3.188% and along with an annual return of [email protected]
For the borrowers interested in more flexibility, the bank offers 7 year adjustable rate mortgage home loan schemes at a lending rate of 3.438% and an APR yield of [email protected] The most flexible, 10 year ARM packages can be offered at a new rate of 3.688%, which is backed by an APR yield of [email protected]
In the refinancing loan division, TD Bank caters to the needs of the borrowers by providing the popular 30 year fixed rate mortgage loans at a rate of 4.938% and an APR yield of 5.055% today. In the short term refinancing section, the 15 year fixed rate mortgage deals find their place against an interest rate marking of 3.938% and annual return of 4.134%.
Shifting sights to the adjustable rate mortgages, the customers can lock in the 5 year refinancing deals at an interest cost of 3.438% and an APR yield of [email protected] However, the 7 year refinancing adjustable rate mortgage loans are up for grabs at a starting rate of 3.688% and carry an APR yield of [email protected]
When quoting the new home purchase and refinancing home loan rates, the banks follow the prices of the mortgage backed financial instruments, which are influenced by the movements in the stock market. As the DJIA index dropped by -113.35 and closed at 15337.70, TD bank followed the same path blindly and quoted its mortgage rates. However, the stock prices of TD shares performed great and rose to a new level of 84.74.
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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