Mortgage Rates Today: Bank of America Cuts Refinance Interest Rates
Bank of America (NYSE: BAC) dropped interest rates for refinance mortgages today. Mortgage applications have been on the decline despite improvements in mortgage interest rates. The Federal Reserve again put pressure on mortgage rates by announcing that it will invest $400 billion in long-term treasuries.
Although there’s been somewhat of an influx in refinance mortgage applications over the last two months, because of increased credit restrictions and LTV requirements, fewer borrowers than would be expected have been able to take advantage of the low rates.
30 year fixed rate refi’s are at 4.25% today with an APR of 4.459%. 15 year fixed-rate mortgages for refinance have dropped to 3.625% and yield an APR of 3.989%. 20 year fixed-rate refinance mortgages are at 3.875% today with an APR of 4.13%.
Adjustable-rate mortgages for refinance start at 3.00% for the five-year ARM, 3.25% for the seven-year ARM 3.625% for the ten-year ARM.
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