At Winston-Salem-headquartered mortgage lender, Branch Banking and Trust (NYSE:BBT) interest rates edged down on select home purchase and refinance loans on Thursday, May 8. Currently, the 30-year mortgage loan, under BB&T’s home loan portfolio, is quoted at a rate of 4.125%, a downtick of 0.125% compared to the previous rate level (4.250%) from Wednesday. Borrowers, who are interested in obtaining the mid-term, 20-year home purchase loan from this lender, can expect to pay 3.875% in interest. A shorter-term option is the 15-year conventional home loan. On Thursday, this type of mortgage loan is advertised at a rate of 3.250%. Moving on to the lender’s 10-year home loan, it carries a rate of 2.875%, according to the latest data.
Besides the above mentioned conventional loans, the bank also provides non-conventional loans for borrowers who are able to meet its credit requirements. The 30-year fixed FHA mortgage is published at a rate of 3.625% on Thursday. Similarly, the 30-year VA mortgage loan is listed at a rate of 3.625% at this lender.
Under BB&T’s home refinance loan portfolio, the long-term, 30-year mortgage loan has a daily low rate at 4.250%. This is a lower interest rate quote, compared to the loan’s former rate level (4.375%). As far as the shorter-term refinance loan packages are concerned, we haven’t noticed any changes on Thursday. For further information on BB&T’s latest mortgage interest rates, discount points and annual percentage rates (APRs), please check the details 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 deals at this financial institution.
BB&T Home Purchase Rates
30-Year Fixed Mortgage: 4.125%, 0.625 discount points, 4.246% APR
20-Year Fixed Mortgage: 3.875%, 0.250 discount points, 3.997% APR
15-Year Fixed Mortgage: 3.250%, 0.250 discount points, 3.404% APR
10-Year Fixed Mortgage: 2.875%, 0.125 discount points, 3.071% APR
30-Year Fixed VA Mortgage: 3.625%, 1.125 discount points, 3.782% APR
30-Year Fixed FHA Mortgage: 3.625%, 1.125 discount points, 3.932% 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%, 0.375 discount points, 4.350% APR
20-Year Fixed Mortgage: 4.000%, 0.250 discount points, 4.123% APR
15-Year Fixed Mortgage: 3.375%, 0.250 discount points, 3.530% APR
10-Year Fixed Mortgage: 3.000%, 0.125 discount points, 3.197% 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 national average mortgage rates are concerned, government-sponsored mortgage-finance company, Freddie Mac announced this week that the average interest rate on the 30-year fixed mortgage tumbled to 4.21% from the former 4.29% that it held before. The average interest rate ticked down on the 15-year FRM as well, it currently hovers at 3.32%, a 6 basis point improvement compared to the previous rate level (3.38%).
For additional information on current mortgage rates at BB&T Bank, borrowing terms and conditions, as well as additional mortgage loan options, please check the lender’s website.