The rally of incredibly low home purchase and refinance mortgage rates continued over the course of the weekend and has led to the new week beginning with some truly remarkable deals from Bank of America (NYSE:BAC) and Chase Bank (NYSE:JPM).
Bank of America
The benchmark 30 year fixed rate loan interest rates have been published at 3.250% at Bank of America (NYSE:BAC) carrying an APR of 3.451% today. The shorter term 15 year loan deals are published at 2.875% with an APR of 3.165%.
ARM loans in the 5 year category have been offered at 2.500% at BoA with an APR of 3.087%. 7/1 Adjustable Rate Mortgages start at 2.750% and an APR of 3.121%.
30 year refinance loan deals are being quoted at 3.625% at BoA and an APR of 3.826% today. Popular 15 year refi FRMs have been offered at 3.000% yielding an APR of 3.322%. 5/1 ARM loans at BoA have been listed at 2.625%. and an APR of 3.128%. The 7/1 Adjustable Rate Mortgage interest rates are being quoted at 2.750% carrying an APR of 3.138%.
Standard 30 year FRM interest rates at Chase Bank (NYSE:JPM) start at 3.375% and an APR of 3.435%. 15 year fixed rate mortgages are being quoted at 2.875% today and an APR of 3.000%.
The 5/1 Adjustable Rate Mortgages are published at 2.500% at Chase Bank with an APR of 2.986%. 7/1 ARM loans start at 2.625% with an APR of 2.983% to start.
Standard 30 year refinance loans are on the books at 3.500% at Chase Bank yielding an APR of 3.560%. The short term 15 year refi loans are available starting at 2.625% yielding an APR of 2.749% today.
As far as ARMs go, 5 year refinance interest rates have been quoted at 2.500% at Chase Bank yielding an APR of 2.996% to start. The 7 year refinance ARM interest rates have been published at 2.750% with an APR of 3.021%.