At the end of the month, which has been full of regular ups and downs for the home loan market, the benchmark 30 year fixed rate mortgage options available at the Bank of America (NYSE:BAC) today again took a flight from yesterday’s base rates. Today, the 30 year FRM loan options have been quoted at an interest rate of 4.125% on the bank’s books, yielding an annual percentage rate (APR) of 4.277%.
For the borrowers, who prefer going with a relatively short term loan, the 15 year fixed rate mortgage options are made available by the BOA at an interest rate of 3.375% and an APR of 3.605%. In the Bank of America’s adjustable rate mortgage showground, the flexible 5/1 loan plans are quoted at 3.125% interest rate and carry an APR yield of 3.062% today.
The rates of Bank of America’s refinancing options also experienced a light hike as compared to yesterday’s interest rates. The borrowers looking for long term refinancing options can avail the benefits of 30 year refinance fixed rate mortgage options at a rate of 4.250% and yield a 4.465% APR today and a discount worth 0.890 points.
Talking about the short term schemes, the 15 year refinancing FRMs can be easily obtained at a rate of 3.375% today, which carry a yield of 3.757% and a discount of 1.035 points. If more flexible options are to be considered for refinancing the home, the 5 year refinance ARMs would be a better choice. Today, they have been listed at an interest rate of 3.125% in the books of Bank of America and carry an APR yield of 3.159% at a discount of 0.953 points.
The mortgage rates are published by the Bank of America every day and are subject to change without any prior notice from the lender. The rates are often driven by the prices of mortgage related securities and bonds that normally change seeing the movements in the stock market. Today, the stock market weakened at the day’s end and ended up putting the DJIA index at a mark of 15337.70 after experiencing a reduction of -113.35.
The mortgage options at Bank of America also followed the trail of the market results. Independent of the mortgage loan rates, the stock of Bank of America experienced a hike of +0.8% and reached a higher mark of 14.45 at the day’s end.
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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