Strong Run of Low Refinance Mortgage Rates Continues at Bank of America
The vast majority of national average refinance mortgage rates and those at Bank of America (NYSE:BAC) have seen little to no movement at all this week, which is of course excellent news for all those who may still be debating whether or not a refinance deal is a good idea. Indeed, as the following figures clearly show, compared to the millions of mortgages currently being paid at 6% or higher, thousands of dollars every year could be saved by staggering numbers of homeowners.
For those looking to lock in low rates and keep them low for the whole course of their term, 30 year fixed contracts are today being offered for 4.375% and an APR amounting to 4.599%, while the 15 year alternative can see balances cleared for a fixed rate of 3.750%, yielding and APR of 4.158%.
Adjustable terms on offer from Bank of America this Wednesday morning include the 7/1 ARM which can be taken out for a starting rate of 3.250% and APR of 3.383% variable, while the 5/1 ARM on the other hand is being advertised for 3.000% and an APR amounting to 3.290%.
Those lucky enough to be able to take advantage of the current low rates could indeed see abundant sums of extra cash in their pockets, but with vast levels of equity being wiped off the books by falling property values, underwater mortgages are now preventing more homeowners than ever from seeing their applications realistically considered.
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