Current Mortgage Rates: Bank of America and Chase Bank Interest Rates Lose Little Strength
Today some US banks, like PNC Bank (NYSE:PNC) and Citibank (NYSE:C) lowered their mortgage interest rates, while others including Bank of America (NYSE:BAC) and Chase Bank (NYSE:JPM) increased them.
As far as new or used home purchases are concerned the 30-year fixed term deal is floating around 4% at Bank of America and carries an APR of 4.151%. This is a little increase comparing to the last couple of days, when the mortgage rate for this package was under 4 percent. The shorter 15-year option offers a good value as it’s available today for 3.250% and an annual percentage rate of 3.514%.
Moving on to the adjustable rate mortgages, there is no major change today. The 7/1 ARM is being offered at Bank of America for 3.250% and an APR variable of 3.452%, while the 5/1 ARM packages can be picked up for 2.750% and an APR of 3.301%.
Refinance deals at BAC are still holding firm, as the 30-year fixed package can be locked in and taken out today for a rate of 4.250% and an APR amounting to 4.414%. Those who are preferring the 15-year deal to clear off some serious money on their existing balanace, can pick up this package for as low as 3.375% and an APR of 3.658%.
There is minor downward movement today regading the 7/1 and 5/1 ARM packages for refinances, so if someone is looking at these options, this might be a good time to lock in a deal.
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