Mortgage Rates improved yet again today with the Federal Reserve announcing that it would keep interest rates low and continue with its monetary easing plan performing year bond purchases through June.
Home purchase mortgage rates are about the same as they were in mid-December at Bank of America(NYSE:BAC). 30 year fixed-rate mortgages have an interest rate of 4.75% at the bank today with an APR of 4.951%. 20 year fixed-rate loans fell to 4.50% with a 4.771% APR.
The best 15 year fixed mortgage interest rate is now 4.00% with an APR of 4.361%. Adjustable-rate mortgages or ARMs are available at the bank starting at 3.25% for the five-year loan, 3.625% for the seven-yearloan and 4.25% for the ten year loan.
Refinance mortgage rates at the bank remain favorable with the 30 year fixed refi at 4.75% and an APR of 5.00%. The 20 year fixed refi is 4.625% with an APR of 4.92% and the 15 year fixed refi is 4.125% with an APR of 4.515%.
Five-year ARMs are 3.375%, seven-year ARMs are 3.75% and ten-year ARMs are 4.25% today.
Find additional information online at www.BankofAmerica.com.
Taken from personalfinancialbulletin.com
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