Mortgage Rates: Bank of America Run of Value Still Going Strong Despite Minor Rise in National Average
The only thing that would really prove surprising about mortgage rates of late would be for any realistic analysts expectations to prove true, with Bank of America (NYSE:BAC) and countless others continuing to defy the odds by offering superbly low rates across a catalogue of home purchase packages. While the current run of value had been predicted as likely to expire long before now, the market looks once again on course for a week of golden opportunities for those willing to lock in a competitive package while the chance remains.
In the case of Bank of America specifically, today sees the standard 30 year fixed rate loan being offered at a rate of 4.000% and APR amounting to 4.191%, while the shorter 15 year deal can be taken out for 3.375% and APR of 3.712%.
Adjustable rate loans for new and used home purchase are also showing similar levels of promise, with the 7/1 ARM today attaching an interest rate of 3.000% and APR of 3.329% variable, while the popular 5/1 ARM now starts at 2.750% and APR of 3.250% variable.
Of course, there is every chance that rates across the board could see further reductions and once again hit all time record lows, though with no guarantees possible either way, there is little to be lost by acting right now and locking in one of the best packages seen in a generation.
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