Refinance Mortgage Interest Rates Holding firm at Bank of America
Despite the fact that mortgage rates being seen across the US today are a far cry from the record lows seen a couple of weeks ago, Bank of America (NYSE:BAC) is among many continuing to offer excellent value packages with the potential to save current homeowners huge sums on their outstanding balances. When considering the rates being offered by BOA in comparison with a typical 6% package on a standard home mortgage, the real extent of the potential savings quickly becomes apparent.
In the case of the most popular and sought after packages of all, the 30 year fixed rate term for refinances now stands at 4.500% and an APR amounting to 4.692%, while the shorter 15 year agreement can be locked in for a low rate of 3.750% and APR of 4.137%.
Adjustable terms could also see millions saving a small fortune when comparing rates to their current terms, with the 7/1 ARM today being advertised for a starting rate of 3.250% and an APR of 3.393%, while the 5/1 ARM can be taken home starting at 3.000% and an APR amounting to 3.290%.
As is the case across the boards, BOA may be finding that the current lackluster interest in new refinance applications is in fact not the reluctance of the borrower, but instead the unfortunate truth that much of their equity may have been all but wiped off the map by tumbling house prices.
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