RateAPY

Bank of America Offers 30-Year Fixed-Rate Mortgage at 5.000%

Posted by: RateAPY Bank Rates News
February 5th, 2010

Homeowners interested in refinancing their mortgage loans may want to move quickly to take advantage of today’s low rates. Real estate experts are predicting a slight rise in mortgage rates later in 2010.

For the best mortgage rates, compare quotes online from several lenders. Be sure that you are comparing loan rates for the same amount and loan length, and check the interest rate, discount points, and fees. Some mortgages with a low interest rate may require borrowers to pay more points at settlement.

Bank of America’s mortgage loans are available in a range of adjustable-rate and fixed-rate terms. As an example, homeowners in New Mexico interested in refinancing a $150,000 loan may be able to qualify for the below rates. Each mortgage has a fee of $1,400. Keep in mind that mortgage rates may change daily.

Loan Product/Rate/Discount Points/APR

30-Year Fixed/5.000%/1.625/5.229% APR

15-Year Fixed/4.375%/1.375/4.725% APR

3/1 ARM/4.250%/1.875/4.491% APR

20-Year Fixed/4.750%/1.375/5.028% APR

10-Year Fixed/4.375%/1.375/4.878% APR

5/1 ARM/4.750%/Zero/4.831% APR

7/1 ARM/5.125%/Zero/5.208% APR