Standard 30 year fixed rate loans have been offered at 4.250% at Bank of America (NYSE:BAC) and APR of 4.342%. The short term 15 year fixed rate loan interest rates start at 3.500% and an APR of 3.640% today.
As far as ARMs go, 5 year loans at Bank of America are on the books at 3.000% showing an APR of 2.996%.
Mortgage Rates for Refinance
The best 30 year refinance fixed rate loans at Bank of America have been listed at 4.375% today yielding an APR of 4.484%. The shorter term 15 year refinance loan interest rates at the bank are being offered for 3.500% and APR of 3.679%. The 5 year refinance ARM interest rates at Bank of America have been published at 3.250%. with an APR of 3.088%.
How are the mortgage rates connected to the stock market?
Rates for mortgage loans rise and fall because of specific securities related to mortgages that are in concert with stock market movements. Financial markets weakend by the end of trading putting the DJAI at 15,337.70.
Not surprisingly the bank were in synch with the securities markets. Now this particular bank’s stock price moved higher to 14.45 up +0.87%.