Although the very best time at which to secure all time low mortgage rates may have well and truly passed, Bank of America (NYSE:BAC) and many other major US lenders are still offering some of the most competitive deals seen in years. As such, those willing to take the plunge now still have every chance to save thousands each year on their current terms.
Firstly looking at the standard fixed rate refinance packages, the 30 year deal is being offered by Bank of America today for 4.375% and a resulting APR of 4.592%, while the 15 year alternative is at 3.750% and an APR amounting to 4.108%.
The adjustable terms this Wednesday also represent great value for money, with the 7/1 ARM being offered for a rate of 3.125% and an APR amounting to 3.330%, while the alternative 5/1 ARM is now at 3.000% and an APR of 3.285%.
Exactly how long the excellent deals will remain is indeed anybody’s guess at this stage, but with more minor rises across the board predicted for the weeks and months to come, borrowers on the proverbial fence may be well and truly on borrowed time.