Mortgage Rates Today: Bank of America Gradual Move from Record Lows Continues

October 18, 2011 / Russell Legato, Residential Property Analyst

Today sees Bank of America (NYSE:BAC) continuing to offer rates which are climbing further and further away from the record lows of past weeks, though it has to be acknowledged that realistically speaking, the home purchase rates across the board are still some of the most attractive in decades. Combined with the tumbling home prices across the US, there is still ample time to lock in a great deal while the getting is good.

Mortgage Rates Today: Bank of America Gradual Move from Record Lows Continues

As far as the most popular purchase packages are concerned this Tuesday, the standard 30 year fixed term deal is today being offered at a rate of 4.250% and an APR of 4.424%, while the popular 15 year fixed contract can be locked in for 3.500% and an APR amounting to 3.822% – neither of which is particularly significantly up from last week.

Flexible rate terms are also offering good value at their starting rates for home purchases today, with the 7/1 ARM option now beginning at 3.125% and an APR amounting to 3.291%, while the alternative option of the 5/1 ARM is now at 2.875% and an APR of 3.223%.

The general consensus seems to be that the trend is set to continue in relation to both mortgage rates and property values across the US, which can only suggest that the current stagnant nature of the market as a whole is also set to remain for quite some time to come.

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