HSBC Bank (NYSE:HSBC), which is based in New York, NY and Capital One (NYSE:COF), which has its main headquarters located in McLean, VA revised their home purchase loan information for Monday, October 20, which is discussed below.
The loan providers advertise excellent interest rates under their mortgage loan programs, so those who are looking to invest either in a new / used home or to refinance an existing loan, may find some ideal loans at these lenders.
HSBC Bank Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.050%, 4.126% APR
15-Year Fixed-Rate Mortgage: 3.290%, 3.421% APR
30-Year Fixed FHA Mortgage: 3.875%, 4.033% APR
30-Year Fixed VA Mortgage: 3.875%, 4.029% APR
5/1 Adjustable Rate Mortgage (ARM): 3.000%, 2.906% APR
7/1 Adjustable Rate Mortgage (ARM): 3.170%, 3.014% APR
Capital One Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.750%, 3.822% APR
15-Year Fixed-Rate Mortgage: 3.125%, 3.216% APR
5/1 Adjustable Rate Mortgage (ARM): 2.875%, 2.842% APR
7/1 Adjustable Rate Mortgage (ARM): 3.000%, 2.913% 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.
Now, looking at average mortgage rates, Bankrate’s (NYSE:RATE) mortgage survey released last week revealed that the interest rate on 30-year mortgage loans dropped to 4.01% from the previous 4.18%. The survey also revealed, that the interest rate on the 15-year FRM headed lower to 3.23% last week. On the other hand, the more flexible 5/1 ARM became more attractive as well, as the interest rate plummeted to 3.09%, a lower interest rate compared to data from the prior week, according to Bankrate’s weekly survey.
New data from McLean, Virginia-based housing-finance company Freddie Mac published last Thursday, showed that the average interest rate on the 30-year fixed mortgage improved to 3.97%, a significantly lower interest rate compared to data from a week earlier. Regarding the 15-year FRM, the average rate tumbled to 3.18%, the government-backed mortgage-finance company said.
For more details on the latest home purchase and refinance mortgage interest rates at HSBC Bank and Capital One, as well as information on borrowing terms and conditions and loan assumptions, please take a look at the lenders’ websites.