Top U.S. financial institution, Capital One (NYSE:COF) disclosed the updated mortgage information for its conventional and non-conventional loans on May 27, 2015. Information on 30-year and 15-year fixed rate loans, discount points and annual percentage rates (APRs) are listed below. Capital One has been providing excellent interest rates under both its home purchase and refinance loan programs, so those who are looking to invest either in a new / used home or to refinance an existing mortgage, may find some ideal mortgage solutions at this financial institution.
Capital One Mortgage Rates
15-Year Fixed Mortgage: 3.125%, -0.125 discount points, 3.216% APR
30-Year Fixed Mortgage: 3.625%, -0.500 discount points, 3.717% APR
5/1 Adjustable Rate Mortgage (ARM): 2.750%, no discount points, 2.963% APR
7/1 Adjustable Rate Mortgage (ARM): 2.875%, 0.250 discount points, 3.012% APR
The rate information provided assumes the purpose of the mortgage loan is to purchase a property, a single family home to be used as a primary residence with a loan amount of $250,000. The interest rate reflects a 60 day rate lock period. Please, note that the current 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. The actual mortgage interest rate will depend on a number of factors including but not limited to loan type, credit profile, property type, appraised value, occupancy and loan size.
Mortgage-finance company, Freddie Mac reported last Thursday, that the interest rate on the 30-year fixed mortgage sank to 3.84% from the former 3.85%. In addition, the average rate on the shorter-term 15-year fixed mortgage declined to 3.05% during the past week. Previously this type of mortgage loan averaged a rate of 3.07%, according to the firm.
A different company, Bankrate also released its weekly mortgage survey, which revealed that the interest rate on the 30-year conventional loan increased to 4.03% last week. The interest rate on the shorter-term, 15-year mortgage rose at 3.23%, according to the the latest data. The interest rate on the 5/1 adjustable rate mortgage shot up in Bankrate’s latest survey, this type of loan is now coming out at 3.19%.
For additional details on the latest home purchase and refinance mortgage interest rates at Capital One, as well as information on borrowing terms and conditions and loan assumptions, please head over to the bank’s website.