GMAC Home Purchase and Refinance Mortgage Rates Holding Steady

October 24, 2011 / Russell Legato, Residential Property Analyst

Both purchase and refinance mortgage rates have shown little to no movement in the packages being offered by GMAC over the last few days, with those being advertised this Monday continuing to offer excellent value for money.

GMAC Home Purchase and Refinance Mortgage Rates Holding Steady

For those looking to purchase a home with the assistance of GMAC, the 30 year fixed term contract can today be taken out for 4.125% and an APR of 4.279%, while the equally popular 15 year fixed option can be locked in for 3.625% and an APR amounting to 3.858%.

Flexible options for purchase include the 5/1 ARM, which is being advertised today beginning at 2.500% and 2.979% APR variable.

Looking now at the options for refinance mortgages, the 30 year fixed term deal can be taken out of 4.250% and an APR figure of 4.409%, while the 15 year term on the other hand can be locked in for 3.625% which yields an APR of 3.862%.

Flexible terms for refinance deals today include the 5/1 ARM which can be taken out for a starting rate of 2.500% and a resulting APR of 3.025%.

While many of the above rates and those being offered by major US lenders across the board are a far cry from the record breaking lows of weeks gone by, they still remain among the lowest seen on quite a number of years and offer huge potential for savings for millions of consumers.

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