10 year FRMs at the bank are coming out at 3.250% with an APR of 3.540%. The best 20 year FRM interest rates at the bank are 4.000% and an APR of 4.292%.
The 3/1 Adjustable Rate Mortgages are 2.625% currently carrying an APR of 2.921%. The 5/1 Adjustable Rate Mortgage interest rates are coming out at 2.875% at Harris Bank carrying an APR of 2.995%. 7 year ARMs are being offered for 3.375% today with an APR of 3.248%. The 10/1 Adjustable Rate Mortgage interest rates are on the books at 3.750% and APR of 3.585%.
How are the mortgage rates connected to the stock market?
Loan interest rates move up and down sometimes because of MBS’s (mortgage backed securities) prices which roughly follow motions in the stock market. Stock markets went down by the end of trading today leaving the DJIA at 15,337.70 up -0.73%.
As expected the bank were in synch with the stock traders. Independent of mortgage rates, the stock price of Harris Bank moved higher to 62.60 up +0.45.