The 5/1 ARMS have been published at 3.000% at BoA with a starting APR of 2.912% which will change as interest rates adjust.
Refinance Mortgage Rates
30 year refinance loan interest rates at BoA have been quoted at 4.375% today with an APR of 4.485%. 15 year refinance fixed rate loans have been listed at 3.500% with an APR of 3.683%. In the ARM arena, 5 year refinance interest rates at Bank of America are being quoted at 3.250%. carrying an APR of 3.003%.
Stocks and Mortgages
Published refinance rates are usually impacted by MBS’s (mortgage backed securities) which go in the same direction as the stock market. Security markets fell by close today putting the DOW at 15,337.70 up -0.73%.
This time the bank moved in the same direction as the financial markets. Separately, BoA’s own stock rose to 14.45 up +0.87%.