After remaining steady for nearly a week, US-based mortgage provider, Branch Banking and Trust (NYSE:BBT), pushed its mortgage rates up slightly on February 13, following other major lenders.
Eligible borrowers will see the benchmark 30-year fixed rate mortgage offered at 3.750% today with an APR of 3.893%. The shorter-term 15-year mortgage is available at 3.375% with an APR of 3.479%.
Most Popular Loans at BB&T
A 30-year fixed VA loan is advertised with a rate of 3.750% and a 3.842% APR, while a 30-year fixed rate FHA loan has a rate of 3.750% and a 3.989% APR for the most qualified borrowers.
Consumers who want to refinance a mortgage will find competitive rates at BB&T. A 30-year fixed rate loan can be refinanced at 4.375% with a 4.482% APR, while a 15-year fixed-rate mortgage will offer a better rate of 3.375% and a 3.558% APR. Consumers who wish to refinance into the lowest fixed rate can obtain a 10-year mortgage at 3.125% and a 3.337% APR.
BB&T also provides adjustable rate mortgages to qualified borrowers. Consumers who buy a home with a 5-year ARM can get a rate of 2.750% with a 2.817% APR. Consumers may also refinance into a 5-year ARM at the same rate with a slightly lower APR of 2.808%. This is the lowest advertised mortgage rate at BB&T on Thursday, February 13.
Consumers who want the lower rates of an ARM but more stability in the long run may also opt for a 10-year ARM from BB&T with a rate of 3.50% and a 3.591% APR.
Mortgage rates moved up slightly today after four weeks of declines, with the average 30-year fixed-rate being offered at 4.28%, up from 4.23% last week. The average rate for a 15-year fixed rate mortgage remained unchanged at 3.33%.
Mortgage rates have moved down in 2014 on poor economic data, but rates are likely to continue an upward trend through 2014.
The quotes listed above assumes a purchase price of $240,000 on a single-family home with a 20% down payment in Ohio for a home buyer with a credit score higher than 750.