Mortgage Rates Today: Refinance Deals Holding Firm at Bank of America
Thursday sees Bank of America (NYSE:BAC) and indeed most other major US lender continuing a strong week, with only minor fluctuations on largely attractive packages. Sadly, overall Market interest is still quite disastrously weak, with more homeowners each day choosing to sit on their cash rather than lock in a new refinance deal.
With regard to the fixed interest terms and packages being offered at BOA this Thursday, 30 year fixed deals can be locked in at a rate of 4.500% and a resulting APR of 4.678%, while the 15 year fixed alternative can be taken home for 3.875% and a 4.204% APR.
Adjustable terms have also remained highly competitive, with the 7/1 ARM refinance package up for grabs beginning at 3.500% and a resulting APR of 3.502%, while the shorter 5/1 ARM is now coming out at 3.375% to begin with an attached APR of 3.403%.
A long and relatively steady period of low mortgage rates and low house prices seems to have led record number of Americans into thinking the trend will continue for some time to come, resulting in an abundant lack or Market activity just when it is in fact needed the most.
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