Mortgage Rates Today: Bank of America Refinances Slightly Up
Bank of America (NYSE:BAC) is today mirroring the rest of the major lenders across the US on a range of mortgage products, most of which are slightly up from those of last week but still at incredible annual lows. There is still ample time for millions to consider a refinancing deal to save a small fortune on their current terms, but exactly how long this will last is open to opinion.
With regard to the current refinance terms being offered at BOA, 30 year fixed rate loans for refinances are today at 4.375%, with an APR of 4.497%, while 15 year refinance agreements are now being offered for 3.750% with an APR of 4.106 – both showing slight increases.
7/1 ARM rates for refinances are today being advertised for 3.250% with an APR of 3.285% variable, while the 5/1 ARM option is available for 3.000% yielding an APR of 3.293% variable – both again showing moderate increases.
Not only are new mortgage rates and refinance agreements showing new signs of life, albeit very small ones, so too are average house prices across the US. Following one of the worst periods the market has ever seen, home values have crawled up a little for the fourth consecutive month now, though still remain worryingly low compared to the same time last year.
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