After enjoying a steady run for the past few days, the benchmark 30 year fixed mortgage interest rates at Bank of America (NYSE: BAC) [stockdata ticker=”BAC”] elevated to a higher level on January 6, 2014. This Monday potential home loan borrowers will find ideal home loan options coming out at higher interest rates.
According to the new mortgage rate sheet published by the US based lender, the standard, long term, 30 year fixed rate mortgage home loans are coming out at an interest rate of 4.625% and are carrying an APR yield of 4.757% today. In the short term lending zone, the 15 year fixed rate mortgage deals are being advertised at a rate of 3.750% and an annual percentage rate of 3.998%.
When it comes to home financing options with flexible rates of interest, customers can look out for the adjustable rate mortgage home loans available with the American lender. As of now, the best 5 year adjustable rate mortgage loan packages can be had at a rate of 3.500% and an annual return of 3.188% to start with.
Shifting sights to the refinancing loan division, potential borrowers can find the standard 30 year fixed rate mortgage schemes being listed against a lending charge of 4.750% and an APR yield of 4.867%. When it comes to the short term refinancing options, the bank offers the popular 15 year fixed rate mortgage plans at a lending cost of 3.875% and an APR yield of 4.061% today.
This Monday, the refinancing adjustable rate mortgage home loans are being traded at increased interest cost. Potential mortgagors will find the best 5 year refinancing adjustable rate mortgage deals being published against a lending rate of 4.000% and carrying an annual return of 3.347% to start with.
The mortgage home loan rates published by banks are normally affected by the upward and downward movement in the prices of mortgage backed financial securities, which follow the stock market movements quite closely. However, as Wall Street waned by the end of the trading day and left the DJIA index hanging at 15337.70 after a fall of -0.73%, Bank of America did not follow the same path for publishing its mortgage interest rates. Regardless of the mortgage rates, the stock prices of BAC stocks increased by +0.87% and closed at a new price mark of 14.45.
Disclaimer: The rates quoted above are basically the average advertised by a particular lending company. No guarantee of taken from the lender’ aspect whether the borrower will qualify for the mortgage rates mentioned in the article. The lenders dole out interest depending upon various facets, some of which may be unique to the borrower. This website does not engage in the sale or promotion of financial products and makes no claims as to the accuracy of the quotation of interest rates.