Mortgage Rates Today: Are Bank of America Refinance Deals Enough to Tempt New Borrowers?
Bank of America (NYSE:BAC) is today offering a range of excellent and valuable refinance deals, which in many cases are slightly up from the lows seen earlier during the week, though still offer great potential for massive savings on current terms.
For those interested in locking in the low rates while they are still around, the 30 year fixed term deal for refinance agreements is today at 4.3675% with an APR of 4.557%, while the 15 year purchase term can be picked up for 3.750% with an APR of 4.107%.
Variable terms are today being offering in the form of the 7/1 ARM which has a starting rate of 3.250% and an APR of 3.368%, while the 5/1 ARM alternative can be taken out for 3.125% with an Apr of 3.311%.
It would usually and quite logically be expected that low interest rates would spur a boom in refinance activity across the board, though this has not proved the case. In fact, the number of refinance application is actually in decline, leading many to question exactly how it will be possible to rescue the housing market from its current freefall.
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