Mortgage rates have seen their biggest improvement today since the beginning of the month, following Federal Reserve Chair Janet Yellen’s testimony before the Senate Banking Commitee. Yellen said that the Fed would remain „patient” about raising interest rates, as the organization is expecting the economy to improve further. While low inflation remains a concern for the Fed, the present pace of economic growth and improvements in the job market could trigger an interest rate increase later this year.
Following Yellen’s testimony several lenders revised their rate sheets with lower interest rates. The 10-year Treasury yield dipped below 2 percent, which could indicate that lower mortgage rates are just around the corner.
Now, looking at some of the biggest U.S. lenders’ current mortgage rates, at Bank of America (NYSE:BAC), the 30-year fixed home purchase loan is currently hovering at 3.625%. The shorter-term, 15-year fixed home loan is coming out at a rate of 2.875%, according to the lender’s information. Looking at BofA’s home refinance loan portfolio, the 30-year FRM is quoted at a rate of 3.875% as of Tuesday. The 15-year version of the fixed home refinance loan is carrying 3.000% interest cost.
Over at Chase (NYSE:JPM), the 30-year home mortgage is currently published at a rate of 3.625%, whilst the 15-year version of this type of mortgage is available at a rate of 3.125%. Moving on to home refinancing, the 30-year FRM is coming out at a rate of 4.125%. Borrowers looking to take on the 15-year fixed refinance loan, will see this type of mortgage currently hovering at 3.750% at this lender.
Wells Fargo (NYSE:WFC) also updated its mortgage information and according to the latest data, the 30-year fixed home purchase loan is set at a rate of 4.000%. The 15-year fixed counterpart is unchanged at 3.375%. Under the loan originator’s refinance mortgage portfolio the 30-year fixed loan is quoted at 4.000%. Those preferring to refinance over 15 years, will see the 15-year FRM coming out at a rate of 3.500% on Tuesday.
The above mentioned interest rates are subject to change and are not guaranteed. In order to search for live mortgage rate quotes from some of the top U.S. lenders, please click on the link below. To calculate your monthly mortgage payment, feel free to use our featured mortgage calculator.