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To Mortgage Refinance or not to Mortgage Refinance ? that is the …
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Posted by Dan on Wednesday, July 13, 2011 at 6:47 am?
Filed under Mortgage Refinance ? Tagged with Borrowers, Existing Home, Exit Costs, Fixed Interest, Fixed Rate Loan, Home Loan, Inception, Interest Rate, many, Maturity, minds, Mortgage Broker, Mortgage Brokers, Mortgage Options, Mortgage Rates, Mortgage Refinance, Nalin, question, Refinance, Refinance Mortgage, Rule Of Thumb, Sensible Move, Standard Variable Rate, Viable Proposition
A decrease in yesterday?s treasuries did little to erode favorable mortgage rates that have been the rule this spring.
Bank of America (NYSE: BAC) is quoting 4.50% interest rates and an APR of 4.696% for 30 year fixed refinance mortgage loans. The 20 year version of the loan is quoted at 4.25% with a 4.503% APR today.
15 year loan refinance interest rates are 3.75% at the bank carrying an APR of 4.072%. Five-year ARMs start at 3.00%, seven-year ARMs are 3.25% and ten-year ARMs are 4.00%.
Interest rates for single-family home purchases are better still at BoA, with 30 year fixed-rate loans quoted at just 4.375% and 20 year loans at 4.125%. 15 year fixed rate mortgages are 3.625% today with a 3.915% APR.
Adjustable-rate mortgages start at 3.00% for the five-year ARM, 3.25% for the seven-year ARM and 3.875% for the ten-year ARM.
Vacant and foreclosed properties continue to put downward pressure on home prices across the nation. The combination of low mortgage interest rates and low home prices make this an ideal time to buy into real estate. The important caveat here is that lenders have begun to tighten credit policies and borrowers are harder pressed to prove themselves than they were just a couple of years ago.
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Source: http://www.zeiza.com/current-refinance-mortgage-interest-rates-at-bank-of-america/228727/
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