The best 30 year fixed rate loans are being offered for 3.750% at TD Bank (NYSE:TD) today and an APR of 4.056%. As far as ARMs go, 5 year loans are available starting at 2.750% at TD with a starting APR of 3.876%. The 7 year ARM loans are listed at 2.875% yielding an APR of 3.795% to start. 10 year ARM loans are being offered for 3.125% today with an APR of 3.787%.
Market Impact on Mortgage Rates
Mortgage rates are sometimes driven by MBS’s traded in security markets that are in concert with stock market movements. Wall street dropped by market close today putting the DOW at 21079.63.
This time the bank did not defy the markets.