Though the US based mortgage lender, Branch Banking and Trust Corp (NYSE: BBT), maintained a steadiness for the past few days, it presented the potential borrowers with an unpleasant surprise today in the form of hiked benchmark 30 year fixed mortgage interest rates. As per the new mortgage rate chart published by the bank on April 10, 2014, the new home purchase as well as refinancing deals are coming at hiked interest rates today, in comparison to the yesterday’s interest figures.
As of now, in the standard, long term home financing section, the bank is offering its best 30 year fixed rate mortgage home loan deals at an interest rate of 4.375% and an annual percentage rate of 4.898%. On the other hand, the borrowers, who are interested in taking the shorter road for financing their new home purchase, can opt for the 15 year fixed rate mortgage home loan plans, which are now being traded at an interest price of 3.375% and an APR yield of 3.967%.
In the exclusive lending division, the mortgage shoppers, who find 30 years to be a long period for financing a realty investment and are not happy with the interest and return rates that accompany short term mortgage deals, can spot the midterm, 20 year fixed rate mortgage home loan plans being advertised at an interest cost of 4.000% and an annual return rate of 4.606%. On the other hand, the shortest, 10 year fixed rate mortgage home loan plans can be locked in at an interest rate of 3.000% and an annual percentage yield of 3.741% today. As far as the refinancing mortgage home loan deals are concerned, the fixed and flexible home loan deals are coming out at little altered interest rates and are offering better annual percentage yield today.
The mortgage interest rates quoted by banks are move up and down, depending upon the fluctuations experienced by the prices of the mortgage backed financial bonds and securities traded in the financial markets, which are known to tail the stock market movements. As the Wall Street lost its ground towards the end of the day, and left the DJIA index stranded at 15337.70 after a fall of -113.35, BB&T moved in the same direction and quoted its mortgage rates accordingly. However, regardless of the home loan rates, the stock price of BBT shares experienced a hike by +1.13% and reached a new price mark of 35.72.
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.