Saturday Morning Mortgage Rates: Refinance Goldmine at Bank of America
With mortgage rates across the board having been predicted as liable to rocket long before this week had even begun, Bank of America (NYSE:BAC) is today once again reminding us all that even our most educated predictions are currently sketchy at best. Indeed, not only have mortgage rates shown little to no movement in many examples, but some have actually dropped even further from the lows of last week, in a truly shocking turn of events.
First looking at some of the better fixed rate refinance deals being offered by Bank of America today, the 30 year standard fixed rate package is now at 4.250% and an APR amounting to 4.451%, while the alternative of the 15 year term can see balances cleared at a fixed rate of 3.750% and 4.066% APR.
Those who prefer to take out flexible rate terms are certainly no excluded from the rich pickings, with the 7/1 ARM today being advertised with a starting rate of 3.125% and APR of 3.376% variable, while shorter 5/1 ARM refinance deals are at 2.875% to being and an APR of 3.313%.
As can clearly be seen, the increases expected from all corners are nowhere to be seen and there is in fact talk of new record lows on the horizon, though once again it would be advisable to take all predictions with a pinch of salt, given the somewhat lacking accuracy of late.
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