Bank of America (NYSE:BAC) has begun the new week by offering consumers a wide range of high quality, high value mortgage deals and packages across the board. Despite a recent rally which had suggested the low rates would be coming to an end, national averages have once again broken all time record lows for some of the most popular terms available.
For those looking toward Bank of America in order to take out a new or used home purchase loan, 30 year fixed term deals are today being offered at 3.875% with an APR of 4.081%, while the 15 year fixed option is today being advertised at 3.250% with an APR of 3.611% – both of which are quite astonishingly low.
The 7/1 ARM for purchases is today available for 3.125% with an APR of 3.312% to begin, while the 5/1 ARM can be taken out for a starting rate of 2.875% with an APR of 3.234%.
According to the official figures released by Freddie Mac last Thursday, the early week rises in interest rates were fully augmented by a number of subsequent drops, taking many to their lowest levels in history. Unfortunately, this still has not proved enough to stem the tide of the worst year for new home sales in over a decade.