The benchmark 30 year FRMs at HSBC Bank (NYSE:HBC) are available starting at 4.09% today yielding an APR of 4.177%. Shorter term 15 year fixed rate mortgages are listed at 3.625% today and an APR of 3.775%.
ARM loans in the 5 year category at HSBC are being quoted at 4% and an APR of 4.166%. ARMs and their APRs change as interest rates move up and down. The 7 year ARMs are on the books at 3.96% currently with an APR of 4.133%. 10/1 Adjustable Rate Mortgages stand at 4% currently with an APR of 4.134% to start.
Related to the market discussion, the stock price of HSBC nose dived to 1.68 down -5.62%.