Mortgage Rates Today: Refinance Packages Show Little Movement at Bank of America

October 12, 2011 / Russell Legato, Residential Property Analyst

Exactly what is would have taken to spur the level of consumer interest required to reignite the troubled US housing market may always remain a mystery, though with Bank of America and many other major lenders continuing to offer highly attractive refinance deals this Wednesday, there is still much potential for current homeowners to save thousands on their current terms.

Mortgage Rates Today: Refinance Packages Show Little Movement at Bank of America

First looking at the fixed rate deals, Bank of America (NYSE:BAC) is today offering the 30 year fixed contract at a rate of 4.500% with a resulting APR of 4.688%, while the highly popular and often hugely valuable 15 rate fixed term refinance deal now sits at 3.875% and a resulting APR of 4.203%.

For those with greater interest in flexible terms, the popular option of the 7/1 ARM is today being offered by Bank of America with a starting rate of 3.500% and an APR of 3.491%, while the alternative 5/1 ARM is being advertised for a variable rate of 3.375% and a 3.403% APR.

It goes without saying that the ideal time to refinance will not be around forever, which of course nobody expected it to be. Sadly, with rates having already hit their lowest in recorded history and consumer reaction still proving disappointing, the likelihood of a miracle housing Market boom at this stage seems a fundamental impossibility.

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