10 year fixed rate loans have been offered at 3.250% carrying an APR of 3.540%. The best 20 year FRM interest rates have been listed at 4.000% and an APR of 4.307%.
3 year Adjustable Rate Mortgages are coming out at 2.625% and the APR is 2.921%. The 5/1 Adjustable Rate Mortgage interest rates at BMO Harris start at 2.875% with an APR of 2.995% to start. 7/1 ARMs have been quoted at 3.375% today with an APR of 3.248%. 10 year ARM loans are being offered for 3.750% carrying an APR of 3.585%.
Market Impact on Mortgage Rates
All the mortgage rates sometimes change as a result of securities backed by mortgages (MBSs) which go in the same direction as the stock market. Stocks went down by close today to leave the DOW at 15,337.70 a decrease of -113.35.
Mortgages at BMO Harris took the lead of Wall Street. Closer to home, the banks stock price increased to 62.60 up +0.72%.