Mortgage Rates Today: Bank of America Refinance Deals offer Potential Savings for Millions
While at least in an accurate sense the very best time to secure an excellent mortgage deal may well have come and gone, a number of the packages still available from Bank of America (NYSE:BAC) are offering some of the lowest interest rates seen in decades, affording millions more the potential for huge savings. Needless to say, those who stand to save the most may well be those refinancing their current deals at much lower rates.
For those looking to do exactly this with Bank of America as of this Thursday, 30 year fixed term deals can be taken out with an interest rate of just 4.375% which amounts to an APR 4.545%. The 15 year term on the other hand which offers the very real potential for even bigger savings is today at 3.750% with a resulting APR of 4.105%.
With regard to adjustable terms for refinance agreements, Bank of America is today offering the 7/1 ARM for a starting rate of 3.375% with an APR of 4.105%, while the 5/1 ARM alternative is now at 3.250% with an APR of 3.354%.
Although the recent surge in consumer interest toward refinance deals has certainly tapered off to say the least, the market is still showing incredibly strong signs of life when compared by contrast to the struggling housing market.
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