mortgage rate march 7 2012

mortgage rate march 7 2012 ; After the recent hike in mortgage rates, many financialy analysts expected further rises as we headed to the new week. However, it seems that interest rates rather remained unchanged so far this week, if not dropped a tad.

As the majority of US lenders are still offering mortgage packages with some striking value attached to them, those borrowers who qualify for the lowest rates and were heistant to take action till now, can still lock in some exceptional mortgage deals.

That being said, coming to the mid-week Wells Fargo (NYSE:WFC) is among those lenders, that advertise the 30-year fixed rate loan for new or used home purchase at a quite attractive rates. The said deal can be picked up today at Wells Fargo for as low as 3.750% and an annual percentage (APR) rate of 3.916%. The 15-year fixed conventional loan can be acquired at a rate of 3.125% and an APR variable of 3.417%.

Borrowers who prefer mortgage loans that comes with lower down payments, may consider the 30-year FHA package, as it comes with an interest rate of 3.750% and carries an APR of 3.998%.

Turning attention to more flexible deals at Wells Fargo, the 5/1 ARM still holding firm and available for as low as 2.125% with an APR amounting to 3.020%.

As far as home purchase loans are concerned, Bank of America (NYSE:BAC) has some interesting mortgage deals lined up today. For instance, the 30-year FRM is carrying a rate of 4.000% which comes with an APR of 4.172%. Compared to yesterday the rate on this long-term loan has been lowered, which is a good news for potential takers. On the other hand, the 15-year fixed mortgage can be locked in and taken out at a rate of 3.375% and an APR variable of 3.639%.

In case of the adjustable rate mortgages at Bank of America, the rate on the 7/1 ARM had little to no movement coming to Wednesday. The said deal can be secured for as low as 3.125% with an APR yielding to 3.394%. In contrast to that, today the 5-year ARM is up for grabs at a lower rate, as it can be picked up for 2.750% and holds an APR of 3.311%.

TD Bank (NYSE:TD) also offers some favourable conforming loan packages for home purchases. Interested borrowers, can obtain the 30-year FRM for as low as 4.125% which has an APR variable of 4.186%. The 15-year fixed counterpart can be secured today at a rate of 3.375% and an APR of 3.480%, which also looks competitive enough.

Today the 30-year FHA fixed loan at TD Bank has an opening rate of 4.000% with an annual percentage rate amounting to 4.550%.

Among various adjustable rate mortgage loans, the 5-year option could be interesting for potential borrowers whose preferred lender is TD Bank, as the said package carries a rate of 2.625% and holds an APR of 3.173% as of Wednesday.

Loan Type Interest Rate - APR - 3/7/12
30-Year Fixed 4.000% 4.180%
30-Year Fixed FHA 3.750% 4.705%
15-Year Fixed 3.125% 3.438%
5-Year ARM 2.250% 3.074%
5-Year ARM FHA 2.750% 2.999%

Jumbo Loan Rates - APR - 3/7/12
30-Year Fixed 4.375% 4.508%
5-Year ARM 2.625% 3.157%

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