Mortgage rates at Bank of America (NYSE:BAC) are at the big 4.00% going into this week. The 30 year fixed rate loan carries 1.125 points with an APR of 4.202%.other big lenders like Wells Fargo (NYSE: WFC) are also quoting 4.00% for the 30 year fixed loan.
15 year fixed-rate loans for home purchase have an interest rate of 3.375% today with .875 points and an APR of 3.691%. The equivalent Wells Fargo loan is at 3.25%.
20 year fixed-rate mortgages have interest rates of 3.75% with 1.125 points and an APR of 4.028%.
Seven-year ARMs are at 3.00% to start, five-year ARMs are 2.75% and ten-year ARMs are at 3.50% today at BoA.
In the refinance arena interest rates are a bit higher. Bank of America is quoting 4.25% with 1.375 points and an APR of 4.496% for the 30 year fixed refinance mortgage. Although higher than the equivalent home purchase interest rate, this quote is the same as the Wells Fargo quote for the 30 year refinance loan.
15 year refinance loans at BOA are 3.75% with an APR of 4.102%.the Wells Fargo equivalent loan is significantly lower today at 3.25%. 20 year fixed rate refinance loans are 4.00% with a 4.291% APR.
Adjustable-rate mortgages for refinance start at 3.00% for five-year ARMs and 3.125% for seven-year ARMs.