Mortgage rates at Bank of America (NYSE:BAC) have been up, down and all over the place over recent days, coming to rest today at a level in line with national averages and most rival lenders. GMAC on the other hand remains significantly behind the market-leaders in terms of both home purchase and refinance packages.
Bank of America
Home purchase mortgage rates first and today sees Bank of America offering the standard 30 year fixed rate home loan for as little as 3.250% and APR of 3.471%, while the 15 year variant can be taken out and locked in for 2.875% and APR of 3.200%.
The 7/1 ARM for home purchase represents excellent value for money once again at 2.875% to start and APR of 3.177% variable, while the 5/1 ARM can be taken home for 2.625% to begin and APR of 3.119% variable.
Home refinance mortgage rates now and the Bank of America 30 year fixed rate loan is coming out at 3.750% and APR of 3.932%, while the 15 year variant is on the cards for a low 3.000% and APR of 3.321%.
If looking to refinance with an adjustable rate loan, the 7/1 ARM now starts at 3.125% and the APR is at 3.322% variable, while the 5/1 ARM can be taken home from 2.750% and with an APR of 3.200% variable
The best 30 year fixed rate mortgage interest rates have been published at 3.750% at GMAC Mortgage today with an APR of 3.755%. 30 year VA fixed rate mortgage interest rates are 3.375% yielding an APR of 3.671%.
Shorter term 15 year loan interest rates at the bank have been quoted at 3.125% yielding an APR of 3.154%.
In the ARM arena, 5 year interest rates at GMAC Mortgage are being offered for 3.000% with a starting APR of 3.193%. The 5 year Jumbo Adjustable Rate Mortgages start at 3.250% and an APR of 3.193%.
30 year refinance fixed rate loans have been listed at 3.625% at GMAC Mortgage and APR of 3.672%. 30 year VA refinance fixed rate mortgages are being offered for 3.375% and APR of 3.704%. The shorter term, popular 15 year refinance loan interest rates are being quoted at 3.125% carrying an APR of 3.229% today.
The 5/1 ARMS are on the books at 3.000% at GMAC Mortgage. with a starting APR of 3.134%. In the refi Jumbo ARM arena, 5 year loans are on the books at 3.000% with a starting APR of 3.106%.