Home purchase mortgage rates at Bank of America (NYSE:BAC) are sub-4% and refinance rates are low but not quite that low.
30 year refinance mortgage loans start at 4.125%, about a ¼ point more than their home purchase counterparts. The refi loan has one origination point and an APR of 4.342%.
15 year refi loans start at 3.625% with 1 point and APRs of 4.003%. This is quite a bit higher than competitor Wells Fargo (NYSE:WFC) who is at 3.375% for the same loan duration.
20 year refinance loans are 3.875% with APRs of 4.142%.
Adjustable rate loans start at 3.875% for 10 year ARMs, 3.25% for 7 year ARMs and 3.125% for 5 year ARMs. By comparison, Wells Fargo is much lower for the 5 year ARM at 2.625%. The FHA 5 year ARM is 2.875%.
Refinance mortgage rates have lingered for yet another week providing more opportunity for those who still haven’t taken advantage of the rates that are at the lowest they have ever been. As the world and US economies are showing no signs of a quick recovery, it is possible that mortgage rates could remain low for quite some time. Generally, pessimism in financial markets puts downward pressure on mortgage rates and that has certainly held true this summer as the stock market went into freefall, so did mortgage rates.