Current Mortgage Rates: Bank of America and Wells Fargo ARMs Slightly Lowered
The downward trend regarding the adjustable rate mortgages today seems to continue, as both Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) lowered their rates. At the same time purchase and refinance rates at HSBC (NYSE:HBC) have also dropped.
As far as the 30-year fixed term deals for new or used home purchases are concerned, major US lenders like Wells Fargo, US Bank (NYSE:USB) and Suntrust (NYSE:STI) today offer some of the best deals, that haven’t seen in years. This long-term loan package is available at these banks for as low as 3.875%.
Coming back to today’s purchase rates at Bank of America, the 30-year FRM package remained unchanged since yesterday, and it’s standing at a rate of 4.000% and carries an APR amounting to 4.140%. The shorter 15-year deal is available for as low as 3.250% and an annual percentage rate of 3.514%.
On the other hand, the adjustable rate mortgages slightly dropped at Bank of America, as the 7/1 ARM can be picked up today for as low as 3.125% and an APR variable of 3.414%, while the 5-year ARM is now being offered for 2.625% and an APR yielding to 3.278%.
However, not only BAC offers favorable mortgage packages today as Wells Fargo continues to attract potential borrowers with its impressive home purchase options. As we mentioned earlier, the 30-year FRM deal at WFC is under 4% at the moment, as well as the fixed 15-year loan package, which can be locked in and taken out at a rate of 3.250% and an APR of 3.543%, offering a truly striking value for money.
Those who are looking for the 5-year ARM option, it’s now being advertised at Wells Fargo for as low as 2.250% and an APR yielding to 3.145%. This could be an excellent choice for those who are preferring lower initial loan payment conditions.
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