Earlier today we reported that mortgage interest rates edged up for the second straight day on Wednesday and as a result a number of U.S. lenders increased rate levels on select loan packages. At North Carolina-headquartered lender, Branch Banking and Trust (NYSE:BBT) we noticed some changes in interest rates, which affected certain home purchase and refinance loans.
One of the home mortgage loans, which carries a higher interest rate today is BB&T’s mid-term, 20-year fixed mortgage. Currently, this type of loan is quoted at a rate of 4.000%, up by 0.125% compared to yesterday’s level (3.875%). Another home purchase loan alternative is the shorter-term, 15-year FRM, which is up for grabs at an interest cost equivalent to 3.250%. Back on Monday, this mortgage loan was published at a slightly lower rate (3.125%). Borrowers, who decide to opt for the short-term, 10-year fixed conventional loan, will see the mortgage interest rate coming out at 3.000%. In case of the standard 30-year home purchase mortgage, it’s listed at a rate of 4.125% at this lender.
Turning focus to government loan options, the 30-year FHA mortgage has a lending rate of 3.625% on Wednesday, unchanged since yesterday. The interest rate is holding steady on the 30-year VA home loan as well, as it still stands at 3.625%, according to the latest mortgage information. For further details on BB&T’s current mortgage rates, please check the data below.
Branch Banking and Trust has been offering excellent mortgage 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 offerings at this financial institution.
BB&T Home Purchase Rates
30-Year Fixed Mortgage: 4.125%, 0.500 discount points, 4.235% APR
20-Year Fixed Mortgage: 4.000%, no discount points, 4.093% APR
15-Year Fixed Mortgage: 3.250%, 0.125 discount points, 3.385% APR
10-Year Fixed Mortgage: 3.000%, 0.375 discount points, 3.249% APR
30-Year Fixed VA Mortgage: 3.625%, 0.875 discount points, 3.761% APR
30-Year Fixed FHA Mortgage: 3.625%, 0.875 discount points, 3.910% APR
The rate information provided assumes the purpose of the mortgage loan is to purchase a property, an existing single family home to be used as a primary residence with a loan amount of $200,000 and an estimated property value of $250,000. The property is located in Washington, DC. The interest rate reflects a 60 day rate lock period. 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.
BB&T Refinance Rates
30-Year Fixed Mortgage: 4.250%, 0.250 discount points, 4.339% APR
20-Year Fixed Mortgage: 4.000%, 0.625 discount points, 4.166% APR
15-Year Fixed Mortgage: 3.375%, 0.125 discount points, 3.511% APR
10-Year Fixed Mortgage: 3.125%, 0.375 discount points, 3.375% APR
The rate information provided assumes the purpose of the mortgage loan is to refinance an existing mortgage with a loan amount of $200,000 and an estimated property value of $250,000. The property is located in Washington, DC. The interest rate reflects a 60 day rate lock period. 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.
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.
As far as average mortgage interest rates are concerned, government-sponsored mortgage-finance company, Freddie Mac said last week that the average interest rate on the 30-year fixed mortgage sank to 4.14% from the former 4.17% that it held earlier. The average interest rate improved on the 15-year FRM as well, it currently hovers at 3.22%, an 8 basis point decline compared to the previous rate level (3.3%).
For further information on current mortgage rates at BB&T Bank, borrowing terms and conditions, as well as other mortgage loan options, please check the lender’s website.