U.S. Mortgage Applications plummeted last week and touched their lowest mark since the month of December, 2000. The fall was a result of the decline in both home purchase and refinancing applications. The U.S. based Mortgage Bankers Association reported that its seasonally adjusted mortgage application activity index, which covers demand of both home purchase and refinancing loans, reduced 5.9% to 333.2 in the week ending April 25, 2014. The MBA’s seasonally adjusted index for gauging the loan demand of home purchase deals reduced 4.4%, while the index that indicates the sale of refinancing home loans fell 6.9% last week. The survey results are based on the data collected from 75% of U.S. mortgage applications received by lenders up until last week.
Bank of America
Today at the Charlotte based mortgage lender Bank of America (NYSE: BAC), the standard long term 30 year fixed rate mortgage home loan deals are coming out at the same interest rate of 4.250% and are backed by an annual percentage yield of 4.349% today. However in the short term lending section, the 15 year fixed rate mortgage loans are being traded at a stable lending rate of 3.375% and an APR yield of 3.608%. In the adjustable rate mortgage division, best 5 year variable rate mortgage home loans can be secured at an interest rate of 3.000% and an APR yield of 2.931% today.
In the refinancing home loan section, the popular 30 year fixed rate mortgage loans can be locked in at an interest price of 4.375% and an annual return rate of 4.512% today. On the other hand, the relatively shorter 15 year refinancing fixed rate mortgage deals are up for grab at a lending rate of 3.500% and an APR yield of 3.711% today. As far as flexible home loan deals are considered, the bank offers its 5 year refinancing adjustable rate mortgage loan deals at an interest rate of 3.125% and an annual percentage return of 2.990% to begin with.
At the major US based lender Wells Fargo (NYSE: WFC), the standard long term 30 year fixed rate mortgage plans can be seen coming out at somewhat reduced interest rate of 4.500% and an APR yield of 4.703% on May 1, 2014. The short term 15 year fixed rate mortgage home loans are being listed at an interest rate of 3.750% and an APR yield of 4.001% today.
In the refinance home loan arena, interested customers can opt for the popular 30 year fixed rate mortgage loans, which are now traded at an interest rate of 4.500% and an APR yield of 4.586%. The relatively shorter, 15 year counterparts of the 30 year refinancing fixed rate mortgage home loan plans can be secured at an interest rate of 3.625% and an APR yield of 3.772% this Thursday.
Disclaimer: The rates quoted above are basically the average advertised by a particular lending company. No guarantee of taken from the lender’ aspect whether the borrower will qualify for the mortgage rates mentioned in the article. The lenders dole out interest depending upon various facets, some of which may be unique to the borrower. This website does not engage in the sale or promotion of financial products and makes no claims as to the accuracy of the quotation of interest rates.