Today’s Mortgage Rates

Today’s Mortgage Rates: Bank of America, Chase and Capital One Refinance Rates for September 24, 2012

24 September 2012

Last week, mortgage rates moved into new all-time lows, which led several lenders to lower their rate sheets. This week a bunch of domestic economic reports are scheduled to be released that could influence U.S. mortgage rates, so there’s a chance that we see even more improvements in rates during the week.

As far as national average mortgage rates are concerned, Freddie Mac reported last Thursday, that the 30-year fixed mortgage tumbled to 3.49%, matching the lowest ever rate on record set in July, this year. The same time, last year this type of long-term mortgage averaged 4.09%. Also, the 15-year FRM inched down to a new record-low in the form of 2.77%, which is below the previous 2.85% rate. The same time, a year earlier the average rate was at 3.29%.

However, not only mortgage rates have been on the downward path. The Mortgage Bankers Associaton (MBA) released the results of its weekly mortgage survey on Wednesday, which revealed that loan applications slipped 0.2% in the week ended September 14. The number of filed mortgage applications for home refinancing edged up 1%, while the Purchase Index tumbled 4%. The refinance share of total mortgage applications gained 1% last week, and now it has a share of 81%.

Following a week of slight declines in mortgage rates, Bank of America (NYSE:BAC) starts the new week by offering some favorable mortgage packages. The 30-year fixed mortgage retained its strength, as it begins at 3.625% and holds an APR sum of 3.762%. Bank of America’s 15-year fixed loan is available at a rate of 3.000% and an APR variable of 3.280%, just like last Friday.