Mortgage Rates: Bank of America Falling Behind in Refinancing
Bank of America (NYSE:BAC) mortgage rates remain aggressive relative to the nation’s other biggest lenders.
30 year fixed-rate loans are being offered at 4.250% with an APR of 4.413%. The highly sought after 15 year fixed-rate term for purchase is the same today at 3.375%, yielding a 3.645% APR.
7/1 ARM options can be taken out with an interest rate of 3.000% with an APR of 3.246% variable, while the 5/1 ARM option today also rests at a slightly higher daily average of 2.750%, with an APR of 3.153% variable.
With regard to refinance loans, 30 year fixed rate options are today being offered at 4.375%, with an APR of 4.569%, while 15 year refinance loans on the other hand are being provided at 3.750% with an APR of 4.071% – a little down from yesterday.
The 7/1 ARM option for refinancing today remains unchanged at 3.125% with an APR of 3.321%, while the 5/l ARM option is also the same as yesterday, today being offered at 2.875% with an APR of 3.23%.
Bank of America is one of several US lenders currently struggling to keep up with the demand for refinance applications, while new mortgage activity continues to dwindle at disappointingly low levels.
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