Refinance Mortgage Rates at Bank of America Edging Up
There may still be some very good refinance deals available, but rates across the industry are inching up. Bank of America (NYSE:BAC) is offering 4.50% today with one point and an APR of 4.701% for its 30 year fixed-rate refinance loan.Wells Fargo is offering the same loan at 4.375% but with a very similar APR. These loans were available at 4.00% even just a few weeks ago.
Many are choosing shorter-term loans like 15 and 20 year duration loans when they refinance. BoA’s 15 year fixed-rate refi loan is 3.875% today with .875 points and an APR of 4.206%.Space Wells Fargo is quoting 3.625% for the 15 year refi.
20 year fixed-rate refinance mortgages at Bank of America, are quoted at 4.25% today with an APR of 4.525%.
Adjustable-rate loans are also available for those who want to get quite aggressive with their new refinanced mortgage payments. Five-year ARMs are quoted at 3.25% today with a 3.36% APR. Seven-year ARMs are 3.50% with a 3.503% APR, and ten-year ARMs are 4.25% with a 4.023% APR. Wells Fargo’s five-year refi ARMs are quite a bit lower with a starting rate of 2.875%.
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