Bank of America Mortgage Interest Rates This Weekend
Bank of America (NYSE:BAC) is inline with the rest of the nation’s major banks today, offering attractive mortgage rates today which are a bit of a mixed bag compared to yesterday’s but still attractively low.
30 year fixed-rate loans are being offered at 4.250% with an APR of 4.431%. The highly prized 15 year fixed-rate term for purchase is 3.375%, yielding a 3.676% APR.
7/1 ARM options can be taken out with an interest rate of 2.875% with an APR of 3.126%, while the 5/1 ARM option today rests at 2.625%, with an APR of 3.035%.
With regard to refinance loans, 30 year fixed rate options are today being offered at 4.375%, with an APR of 4.586%, while 15 year refinance loans on the other hand are being provided at 3.750% with an APR of 4.083%.
The 7/1 ARM option for refinancing today is slightly up at 3.125% with an APR of 3.231%, while the 5/l ARM option is also up, today being offered at 2.875% with an APR of 3.129%.
Bank of America is one of several major lenders across the US reporting having difficulty coping with the number of refinance applications currently being received, while new purchase applications are falling fast. With stringent criteria for acceptance and general lack of confidence in the economy, it seems even the lowest rates are not enough to motivate US citizens to consider entering into any new debt in the near future at least.
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