HSBC Bank (NYSE:HSBC) updated its mortgage information for Friday, May 9, which revealed that interest rates on most of the home loan packages remained steady. Now, looking at the 30-year conventional home loan at this financial institution, the current mortgage rate on this package is set at 4.280%. Individuals, who are interested in obtaining the 15-year fixed mortgage, will see the loan coming out at a rate of 3.440%.
Besides the above mentioned conventional loans, the lender advertises non-conventional mortgages as well. These type of loans could be especially interesting for those who are not eligible for standard conventional loans. The 30-year fixed FHA loan is now published at a rate of 4.125%. Those opting for the 30-year VA mortgage, will see the interest rate hovering at 4.125%. As far as more flexible home loans are concerned, the 7-year ARM retained its level at 3.460%, according to the bank’s data. In case of the 5/1 ARM, it’s quoted at a rate of 3.250% on Friday. More information on HSBC Bank’s current mortgage rates and APRs can be found below.
HSBC Bank offers excellent interest rates under both its home purchase and refinance programs, so those who are looking to invest either in a new / used home or to refinance an existing loan, may find some ideal mortgage solutions at this financial institution.
HSBC Bank Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.280%, 4.345% APR
15-Year Fixed-Rate Mortgage: 3.440%, 3.555% APR
30-Year Fixed FHA Mortgage: 4.125%, 4.274% APR
30-Year Fixed VA Mortgage: 4.125%, 4.291% APR
5/1 Adjustable Rate Mortgage (ARM): 3.250%, 2.986% APR
7/1 Adjustable Rate Mortgage (ARM): 3.460%, 3.141% APR
Please, bear in mind, that the present mortgage interest rates may vary without prior notice from the lender and are subject to change based on location, geography and other terms and conditions. The annual percentage rates (APR) were made based on discount points, origination fees, average loan fees and closing costs.
Bankrate’s (NYSE:RATE) mortgage survey released this week revealed that interest rates headed lower on most of the popular loan packages. The interest rate on 30-year fixed loans dropped to 4.37% from the previous 4.44% that they carried a week earlier. As for the 15-year FRM, the mortgage rate slipped by 6 basis points, according to Bankrate’s survey. The aforementioned mortgage now stands at 3.45%. The more flexible 5/1 ARM averaged 3.34% this week, a 1 basis points decrease compared to the previous week’s data, the company’s mortgage survey showed.
A report from McLean, Virginia-based Freddie Mac from Thursday indicated that the average interest rate on the 30-year fixed mortgage edged down to 4.21%. Regarding the 15-year FRM, the average rate tumbled to 3.32%, the government-backed mortgage-buyer said.
More details on HSBC Bank’s latest home purchase mortgage interest rates, loan assumptions and borrowing terms and conditions, can be found on the lender’s website.