Bank of America (NYSE:BAC) is today offering excellent mortgage rates, in some cases lower than yesterday’s or around identical levels, with 30 year fixed-rate loans at 4.000% yielding an APR of 4.203%. The 15 year fixed-rate term for purchase is 3.375% with a 3.693% APR as of today.
7/1 ARM rates are now at 3.00% with an APR of 3.260% to start, while the 5/1 option is at a rate of 2.750% and an APR of 3.186.
With regard to refinance terms, 30 year fixed rate loans are being offered for 4.250%, amounting to an APR of 4.497%. 15 year refinance agreements are being provided today at 3.750% with an APR of 4.104.
7/1 ARM rates for refinances are set at 3.125% with an APR of 3.346% variable, while 5/1 ARM options are available for 3.000% yielding an APR of 3.272% variable.
According to the latest data revealed for the close of August 2011, the housing market looks set to suffer its worst year in recent history. Despite the fact that mortgage rates have not been lower in over 60 years across the US, monthly mortgage activity with regard to new purchases is actually consistently decreasing when the market is already in need of a huge boost.