Standard 30 year loans stand at 4.375% at Bank of America (NYSE:BAC) today yielding an APR of 4.530%. The short term, popular 15 year loan interest rates are on the books at 3.500% today carrying an APR of 3.692%.
5/1 ARM loans at BoA are coming out at 3.000% with an APR of 2.929% to start.
Now on to Refinance Mortgage Rates
30 year refinance fixed rate loans have been quoted at 4.500% at BoA with an APR of 4.633% today. The shorter term, popular 15 year refinance FRM interest rates start at 3.500% and APR of 3.731% today. The 5 year refinance ARM deals at BoA are published at 3.250%. with an APR of 3.005%.
Market Impact on Mortgage Rates
Quotations of mortgage rates often vary because of MBS’s traded in security markets that roughly follow motions in the stock market. Markets lost ground in trading today to leave the DOW at 15,337.70 a decrease of -113.35.
As expected BoA were in synch with the action in the market. Closer to home, this particular bank’s stock price gained ground to 14.45 up +0.13.