Mortgage rates for loan refinancing at Bank of America (NYSE: BAC) remain competitive with other big lenders. 30 year fixed-rate refinance mortgages, for example are 4.375% today BoA, Wells Fargo (NYSE:WFC) and Chase Bank (NYSE:JPM).
Popular 15 year fixed-rate refinance mortgages are 3.625% with an APR of 3.987% at Bank of America. This quote is beat handily by Wells Fargo’s 3.25%, but is a little better than Chase Bank’s 3.875%.
20 year fixed-rate refi mortgages are 4.00% even with an APR of 4.255% today.
Adjustable rate mortgages start at 3.75% for ten-year ARM loans, 3.25% for seven-year ARM loans and 3.00% for five-year ARM loans. Wells Fargo is at 2.625% for its five-year ARM.
Super low mortgage interest rates have resulted in a wave of refinancing from borrowers seeking to lower their monthly payments. Bank of America is faced with responding to increased refinance activity, while at the same time implementing very stringent new federal requirements in its consumer lending programs. At the same time the bank is fending off litigation over failed mortgage loans from investors who purchased mortgage backed securities based on those loans.
The bank’s stock price has dropped considerably over the past two months. Despite all of these challenges the bank has done an admirable job of maintaining its balance sheet and taking steps to sell off underperforming assets and business lines.