Bank of America Quotes Better Mortgage Rates; Senior Executive Finds a Position in Obama’s Administration

Current Mortgage Rates Bank of America November 8Today, Bank of America (NYSE: BAC) quoted somewhat better 30 year fixed mortgage rates as compared to what they have been over the past few days. The Bank of America listed its standard 30 year fixed rate mortgage options at a rate of 4.125% on 8 November, 2013, along with an annual percentage rate of 4.279%.

As far as the short term period mortgage options are considered, the American lender is known for offering the needed finance at impressive rates. The bank’s loan portfolio lists the best 15 year fixed rate mortgages at an interest rate of 3.375%, yielding an annual percentage yield of 3.610%.

On the other hand, apart from the fixed rate home financing options, the bank also provides more flexible plans for those who are a bit skeptical about the interest rates. Today, the bank publishes its benchmark 5/1 adjustable rate mortgages at a rate of 3.125%, carrying an APR yield of 3.059%.

Turning towards the refinance department, the Bank of America is known to aid the refinancing needs of the borrowers well with its comprehensive portfolio. The bank offers the basic 30 year refinancing fixed rate mortgage loan schemes at a rate of 4.375% and an APR yield of 4.517%. The bank also provides the shorter, 15 year version of the standard 30 year FRMs at a rate of 3.375%, which are accompanied by an APR yield of 3.756%.

In the refinancing wing, the Bank of America’s best 5 year adjustable rate mortgage plans are published at an interest rate of 3.375% and carry an annual percentage rate yield of 3.145% on 8 November, 2013. The 5/1 ARMs also come with discount points of 0.148.

The improvement in the mortgage rates can be taken as a positive impact of the latest news coming from the White House. Stefan M. Selig, one of the topmost senior executives at the Bank of America, has been nominated by the White House to the Senior Commerce Department. Appointment of a Wall Street executive in Obama’s Administration is a rare occurrence and has thus, had a positive impact on the overall mortgage rates at the Bank of America.

Not only the mortgage rates, but the stock market figures also seem to be enjoying this joyous moment. The Bank of America’s own stock ticked by +0.13 and rose to a mark of 14.45 by the end of the day.

Disclaimer: The advertised rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the quotes.

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About the author

Rob is a analyst and reporter covering stocks and business news.