News Worms
News Worms

Friday's Mortgage Rates at Bank of America, Citizens Bank Mar 10, 2017

Friday's Mortgage Rates at Bank of America, Citizens Bank Mar 10, 2017

Independent of mortgage rates, this particular bank's stock price moved higher to 56.23 up +0.37%.

Mortgage rates are not directly tied to the federal funds rate, which is adjusted by the Fed's policymakers. That pushed up their yields because inflation would erode the bonds' value over time, a prospect causing investors to demand higher yields.

Rates are running a little less at some Cleveland-area banks compared with the 4.21 percent national average: Thursday's rate for a 30-year loan was 3.99 percent at Third Federal, 4 percent at Dollar Bank and 4.1 percent at Huntington. 7 year ARMs have been quoted at 4.000% today and an April of 4.035%.

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The shorter term 15 year FRMs stand at 3.625% at the bank yielding an April of 3.7861%. For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points to 4.21 percent.

According to Mortgage Bankers Association data, the share of mortgage applications taken by ARMs was the largest since October 2014. It rose further to 2.58 percent Thursday morning.

The average rate for 30-year fixed-rate mortgages was 4.36% in the most recent week, MBA reported, while the average 5/1 ARM rate was almost a full percentage point lower, at 3.48%.

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The average fee for a 30-year mortgage was unchanged this week at 0.5 point.

The short term, popular 15 year loans at the bank start at 3.625% and an April of 3.7861% today. A year ago at this time, the 15-year FRM averaged 2.96 percent.

ARMs like the 5/1 mentioned here are loans with starter rates, which increase after a set period, in this case five years. A year ago, the 5-year ARM averaged 2.92 percent.

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