Bank of America Mortgage Rates: 30-year Home Purchase Loan Drops under 4%
Today Bank of America (NYSE:BAC) alongside KeyBank (NYSE:KEY) and some other major US banks, has lowered its home purchase loan rates making them even more attractive for borrowers. The bank continues to amaze its existing clients and potential borrowers with record low mortgage loans as an effort to urge them to take action.
The 30-year fixed term home purchase loan at Bank of America has now dropped under 4%. Those who are interested in a long term deal can get the mortgage package today for as low as 3.875% and an APR of 4.057%. The shorter 15-year mortgage loan is available for 3.250% carrying an APR variable of 3.519%.
As far as adjustable mortgages are concerned, the interest rates nearly remained unchanged compared to yesterday. The 7/1 ARM can be locked in an taken out at a rate of 3.125% and an APR amounting to 3.428%, while the 5/1 adjustable rate mortgage package can be picked up for 2.625% and an annual percentage rate of 3.282%.
Moving on to the best refinance packages that Bank of America offers today, the 30-year fixed term deal can be secured for 4.000% and an APR of 4.171%. The 15-year fixed loan packages are up for grabs at a rate of 3.375% and an APR yielding to 3.643%.
Adjustable rates for refinance are again on the attractive side to say the least, as the 7/1 ARM package can be locked in and taken out for 3.125% and an APR amounting to 3.437%. The 5/1 ARM refinance package on the other hand is available today at a rate of 2.625% and an APR yielding to 3.291%.
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