Bank of America Refinance Mortgage Interest Rates Not in a Hurry

October 17, 2011 / Russell Legato, Residential Property Analyst

Refinance mortgage interest rates are up significantly from their lows of several weeks ago. Bank of America (NYSE:BAC) is not quoting 4.50% for the benchmark 30 year fixed-rate refinance loan. The loan has one origination point and an APR of 4.705%. A better deal can be found today at competitor Wells Fargo (NYSE:WFC), who is offering 4.375% for the same loan duration.

Bank of America Refinance Mortgage Interest Rates Not in a Hurry

15 year fixed-rate refi loans at Bank of America are quoted at 3.875% today with .875 points and an APR of 4.211%. Wells Fargo is lower on this loan as well with a quote of 3.625%.

20 year refinance mortgages are 4.25% at BoA with one origination point and an APR of 4.529%.

Ten-year adjustable-rate mortgages for refinance are 4.25% with a beginning APR of 4.026%. Seven-year ARMs are 3.50% with an APR of 3.505% and five-year ARMs are 3.25% with an APR of 3.362%. Wells Fargo five-year ARMs for refinance start at 2.875%.

At the very lowest point refinance mortgage interest rates a month ago, generated some additional refinance activity, but not as much as was expected. Now that refinance interest rates are inching up again, refinance mortgage applications are likely to fall dramatically.

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