Current Mortgage Rates: Bank of America (NYSE:BAC) And Wells Fargo (NYSE:WFC) Home Purchase Rates Remain Solid
Mortgages rates for home purchases remained solid all week at Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) among other major US lenders, and continue their current good run in early 2012 as financial analysts predicted earlier.
Today at Bank of America the interest rates for new or used home purchases remained nearly unchanged, as the 30-year FRM deal can be locked in and taken home for as low as 4.125% and an APR variable of 4.266%. Although, these rates were slightly lower at the beginning of this week, they are still very competitive.
Borrowers may consider, the shorter 15-year fixed loan package as well, as it’s being offered today at a decent rate of 3.375% and an APR amounting to 3.677%. As usual excellent credit history is required from borrowers in order to be able to obtain these type of loans.
As far as mortgage loan packages at Wells Fargo are concerned, the 30-year fixed rate mortgage is being advertised for an unheard of rate of 3.750% and an annual percentage rate of 3.916%. In case of the 15-year fixed alternative, it can be secured at Wells Fargo today at a rate of 3.250% and carries an APR of 3.543%.
Generally, mortgage rates were mixed today. While some lenders like KeyBank (NYSE:KEY) and TD Bank (NYSE:TD) lowered their home purchase rates, others including Citibank (NYSE:C) slightly raised their rates compared to yesterday. Mortgage interest rates at PNC Bank (NYSE:PNC) and HSBC (NYSE:HBC) are holding firm and remained attractive for those borrowers who want to take advantage of the current situation.
According to the Mortgage Bankers Association (MBA) mortgage applications were down 3.7 percent during the holiday season compared to the previous period. Although, mortgage activity declined in these two weeks for both home purchases and refinances, analysts remain optimistic that the next few months may bring a change.
Related posts:
- Mortgage Rates Roundup Today: Wells Fargo (NYSE:WFC) And TD Bank (NYSE:TD) Drop Home Purchase Interest Rates
- Mortgage Rates Roundup Today: Wells Fargo (NYSE:WFC) And Citibank (NYSE:C) Home Purchase Rates Continue Extraordinary Run
- Current Mortgage Rates: Bank of America and Wells Fargo ARMs Slightly Lowered