Current Mortgage Rates: Bank of America (NYSE:BAC) Lowers 7-Year ARM Package, Wells Fargo (NYE:WFC) Home Purchase Rates Remain Firm
Bank of America (NYSE:BAC) today once again offers a range of mortgage loan packages at exceptionally low rates. Compared to yesterday, the 7-year ARM package was even lowered, while the rest of the mortgage deals maintained their strength.
Firstly looking at the mortgage loans for new and used home purchases, the 30-year FRM package can be locked in and taken home today from Bank of America at a rate of 4.000% and an APR variable of 4.162%. On the other hand, the 15-year fixed rate packages are up for grabs at a rate of 3.375% and an APR amounting to 3.621%.
Adjustable rate mortgages are following the same lines too, retaining their value throughout the whole week. In case of the 7-year ARM package, customers can obtain this deal for as low as 3.125% and an APR yielding to 3.414%. The 5/1 ARM package is holding firm since weeks, as it can be picked up today at a rate of 2.875% and an APR of 3.345%.
In order to get one of these loans customers need to have excellent credit history.
Looking at the very best purchase deals from other lenders, today Wells Fargo (NYSE:WFC) advertises the 30-year fixed rate deal at a decent rate of 3.875% and an APR variable of 4.042%. The shorter 15-year FRM package seems to offer a great value, as it can be locked in and taken out today for 3.125% and an APR yielding to 3.417%.
For those who are preferring FHA loans, may consider the 30-year fixed FHA deal at Wells Fargo as it’s available today for 3.750% and an APR variable of 3.998%.
The same mortgage loan is being advertised today by Chase (NYSE:JPM) at a rate of 3.875% and an annual percentage rate of 4.034%. The equally popular 15-year FRM deal at Chase carries an interest rate of 3.250% and an APR of 3.510%.
Despite these low rates, the housing market is still struggling and only time will tell if the current run of exceptionally low mortgage rates will be able to turn the tide.
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