The benchmark 30 year fixed rate mortgage rates (FRMs) remained unchanged today, and were quoted at the rate of 4.125% at the Bank of America (NYSE:BAC), yielding an annual percentage rate (APR) of 4.247% and 0.384 discount points, which experienced a negligible fall from yesterday’s figures. As far as the more flexible Adjustable Rate Mortgage (ARM) loans are concerned, you can get the 5 year loan options at the rate of 3.250% at the American bank, featuring an annual percentage rate of 3.103% and a discount equivalent to 0.193 points to begin with.
Among the impressive product catalogue, you can also find the standard 30 year refinance fixed rate mortgages at a rate of 4.250%, an APR yield of 4.357% and a discount of 0.429 points being offered at the Bank of America. These rates also remain unaffected by the changes in yesterday’s market charts and closed with an infinitesimal change only. The 5/1 version of these refinance fixed rate mortgages would be an ideal deal for the borrowers at the present rate of 3.500% at the BOA, which is known to yield an annual percentage rate of 3.174% and 0.174 discount points at the start.
Considering the present day market scenario, Bank of America can be considered as one of the top financial institutions in the United States of America. With its wide range of new home purchase and refinance mortgage products, it has certainly become the first choice of the American nationals. The aforesaid summary of rates has been presented with an assumption that the borrowers have an excellent credit status. The accuracy of these rates isn’t guaranteed and might not be available for all your situations. Affected by the origination fees, average loan fees, discount points and the closing costs, the aforementioned rates showed minor changes today, as compared to the rates recorded on 28 October 2013.
The new home mortgage and refinance rates fluctuate under the influence of securities, especially the ones that comprise mortgage packages and roughly move by following the motion of the stock market. Today, the entire stock market experienced a drop of -0.73% (-113.35) from the figures recorded yesterday, thereby putting the Dow Jones Industrial Average (DJIA) Index at 15337.70. This drilling down of the DJIA index rose the Bank of America’s (NYSE:BAC) stock up by +0.13, reaching a new figure of 14.45.
Note: 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.