Mortgage rates ticked up at HSBC Bank (NYSE:HSBC) on Wednesday, July 16, according to our observations. With regards to current home purchase mortgage rates, the interest rate on the standard 30-year FRM inched up to 4.280% from the previous 4.230% that it held before. The bank’s shorter-term home mortgage, the 15-year fixed alternative, currently stands at 3.440%, an uptick of 4 basis points.
The starting rate on 30-year Federal Housing Administration (FHA)-backed loans rose as well, the updated mortgage information revealed. Presently, the aforementioned non-conventional loan is advertised at a rate of 4.125%. Another type of non-conventional home loan, the 30-year VA mortgage, is offered today at a rate of 4.125%. Borrowers, who believe the more flexible 7/1 adjustable rate mortgage (ARM) fits the bill better, can expect to pay 3.540% in interest. Compared to its previous rate level, this is a higher interest rate by 12 basis points. On Wednesday, the 5/1 ARM looks less attractive as well, as the mortgage rate on this loan was raised to 3.375%. For further details on HSBC Bank’s latest mortgage rates, please check the data 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 products at this financial institution.
HSBC Bank Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.280%, 4.352% APR
15-Year Fixed-Rate Mortgage: 3.440%, 3.565% APR
30-Year Fixed FHA Mortgage: 4.125%, 4.292% APR
30-Year Fixed VA Mortgage: 4.125%, 4.319% APR
5/1 Adjustable Rate Mortgage (ARM): 3.375%, 3.034% APR
7/1 Adjustable Rate Mortgage (ARM): 3.540%, 3.184% 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 last week showed that interest rates increased on 30-year and 15-year mortgage loans. The interest rate on 30-year fixed loans ticked up to 4.31% from the former 4.28% that it held it held in the prior week, according to the company’s survey. As for the 15-year FRM, the mortgage rate rose by 1 basis point and now it’s hovering at 3.41%. The more flexible 5/1 ARM remained unchanged at 3.33% this week, Bankrate’s mortgage survey revealed.
A report from McLean, Virginia-based Freddie Mac published last week showed that the average interest rate on the 30-year fixed mortgage climbed to 4.15%. Regarding the 15-year FRM, the average rate increased to 3.24%, the government-backed mortgage-buyer said.
Additional information on HSBC Bank’s current home purchase mortgage interest rates, loan assumptions and borrowing terms and conditions, can be found on the bank’s website.