Bank of America (NYSE:BAC) continues to offer refinance mortgage rates that hover near all time lows. While 30 year fixed rate loans are still above 4.25% that interest rate is low enough to save a large number of borrowers a significant amount of money on their monthly payments. Many can not take advantage of the rate because the value of their homes has dropped and the amount they owe on their current mortgages is near the current value of their homes. Banks are generally looking for at least 20% equity in a home before they accept a refinance contract.
Bank of America is offering the popular 15 year refinance mortgage at 3.625% today. This is certainly not the best rate on the market as other big players like Wells Fargo and Chase Bank are offering better rates.
The 20 year refi loan at BoA is 4.00%, not much better than the 30 year deal. If one can afford the 15 year loan payments, it is clearly the way to go in today’s market.
Adjustable rate loans for refinance are also available at BoA with the 10 year ARM quoted at 3.875% today. 7 year ARMs are 3.125% and the 5 year ARM is 2.875%.
For more information about Bank of America lending products visit www.BankofAmerica.com.