Mortgage rates have once again edged higher. The average rate on Tuesday for the benchmark 30-year fixed mortgage is 3.7%% while the average execution rate for a 15-year fixed loan is 3.04%. Rates have moved higher as oil and stock prices climbed from the lows on Friday.
Bank of America Mortgage Rates
The best rate for a 30-year fixed loan at Bank of America today is 3.875% with an APR of 3.982%. Bank of America advertises the 20-year fixed mortgage at 3.625% with a 3.782% APR. The popular 15-year fixed mortgage is published with an interest rate of 3.125% and a 3.312% APR.
Buyers who want greater flexibility can lock into a 5-year ARM with a rate of 3.000% to start and an APR of 3.416%. The 7/1 ARM is quoted at 3.250% for the first seven years with a 3.487% APR. The 10-year adjustable rate mortgage is advertised with a variable rate of 3.500% to start with a 3.590% APR.
Refinance rates have edged higher this week. Buyers can lock into a 30-year refi loan at 3.875% with a 4.015% APR. The shorter-term 15-year refinance mortgage is quoted at 3.250% with an APR of 3.451%. For greater flexibility and the lowest possible interest rate, Bank of America advertises the 5/1 refinance ARM at 2.875% to start with a 3.412% APR.
Rates assume a conforming loan amount with a 20% down payment.
Mortgage Rates at JPMorgan Chase
Rates have edged slightly higher at Chase this week. The benchmark 30-year fixed mortgage is published at 3.625% today with 1 discount point and an APR of 3.707%. The 15-year fixed loan is quoted with an interest rate of 3.000% with 0.750 discount point and a 3.108% APR. Buyers can lock into a 5/1 adjustable rate mortgage at Chase today at 3.000% to start with a 3.405% APR and 1 point. A 7/1 ARM is quoted at 3.250% for the first seven years with an APR of 3.454% and 0.875 point.
US Bank Mortgage Rates for Tuesday
US Bank offers among the most competitive interest rates among major mortgage lenders. The standard 30-year fixed conforming loan is quoted at 3.875% today with an APR of 3.946%. A 15-year fixed mortgage is published at 3.125% with a 3.249% APR. Buyers can lock into a 10-year fixed conforming mortgage at 3.000%.
Buyers who want an adjustable rate mortgage can secure a 5-year ARM with a rate of 2.875% to start and a 3.267% APR. A 10-year adjustable rate loan is quoted at 3.375% for the first ten years with a 3.396% APR.
US Bank also offers government-backed and jumbo loans. A 30-year fixed jumbo mortgage is published at 3.750% with a 3.771% APR, lower than the rate for conforming mortgages. A 15-year jumbo mortgage is quoted at 3.500% with an APR of 3.537%. The 30-year FHA loan is quoted at 3.750% today while a 15-year FHA mortgage is published at 3.250%. Buyers can lock into a 30-year fixed VA loan at 3.750% while the 15-year fixed VA mortgage is quoted at 3.375%.
Unlike most lenders, US Bank does not factor discount points into its advertised rates. You can secure a lower interest rate by purchasing discount points at closing.
The interest rates mentioned within the article are subjected to change without any guarantee and are up-to-date at the time of publishing of the article. For the latest interest rates, make sure to check the current values.