The benchmark 30 year FRMs at Citizens Bank start at 4.500 today carrying an APR of 4.528. The short term, popular 15 year loans at the bank are being offered for 3.375 carrying an APR of 3.423 today.
3 year ARMs are being quoted at 2.750 currently with an APR of 2.775. In the ARM arena, 5 year deals at Citizens Bank are being offered for 3.000 and the APR is 2.861 on initial purchase. The 7/1 ARMS have been listed at 3.375 currently and an APR of 3.063.
How are the mortgage rates connected to the stock market?
Mortgage interest rates sometimes rise and fall because of MBS prices which sometimes move with the stock market. Security markets waned by close today leaving the DJIA at 15,337.70 up -0.73%.
Rates at the bank were in synch with Wall Streets direction. And now, Citizens Bank’s own stock moved higher to 10.79 up +0.08.