Mortgage Rates Tuesday Morning: Refinances at Bank of America Once Again at Golden Levels
As is the case across many major US lenders this Tuesday morning, Bank of America (NYSE:BAC) is defying all logical predictions by offering a range of stunning refinance packages which in some case are quite staggeringly close to all time record lows. As it stands, those who choose to make use of this second chance at the lowest rates in a generation stand to make colossal when compared to millions of higher rate mortgages current being paid across the nation.
First looking into the very best fixed rate options for refinance at Bank of America, standard 30 year contracts are now at a rate of 4.250% and APR of 4.454%, while those looking into 15 year loan will today find it for 3.750% and APR of 4.071%.
Adjustable rates are also continuing to offer some quite stunning alternative options to the fixed rate packages, including the 7/1 ARM which today has a starting rate of 3.125% and APR of 3.369%, while the shorter 5/1 ARM on the other hand is now at 3.000% and APR of 3.349% variable.
Needless to say, when held alongside the mortgages currently being paid at around the 6% Mark the above deals represent staggering value for money, though whether or not this will serve as enough incentive to see more borrowers take action once again remains to be seen.
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