The trend of low mortgage rates across the US doesn’t seem to crack anytime soon. In fact, Freddie Mac reported that the national average on the 30-year FRM is holding at 3.87% for the third consecutive week now.
The said loan is under 4% for 11 weeks in a row now. This is definitely a good news for those Americans, who are considering to invest in a new or used home in the near future and haven’t taken advantage yet of the current situation, as mortgage rates are holding out at all-time record low levels.
Moreover, in Freddie Mac’s latest market survey it was revealed that the average 15-year fixed rate mortgage has shown no movement since last week, staying at 3.16%. The same week last year the 15-year FRM stood at 4.27%.
Today Bank of America (NYSE:BAC), besides other major US lenders, is offering a range of home purchase packages that are coming with attractive rates. As far as the conventional loans are concerned, Bank of America advertises the 30-year fixed rate mortgage for as low as 4.250% and an APR variable of 4.393%. In case of the 15-year fixed rate loan, interested borrowers can obtain it today at a rate of 3.500% and an APR of 3.728%.
Turning focus to more flexible packages, Bank of America has the 7/1 ARM package lined up for as low as 3.250% and an APR amounting to 3.462%. The 5-year adjustable rate mortgage currently holds a rate of 3.000% and an APR of 3.388%.
Moving on to today’s home purchase mortgage packages at Wells Fargo (NYSE:WFC), the 30-year fixed rate deals are up for grabs at a rate of 3.750% and an APR variable of 3.916%. The shorter 15-year fixed alternative package can be locked in and taken home for as low as 3.125% and an APR yielding to 3.417%.
Those who prefer FHA loans and lower down payments that come with them, might be tempted to take action, as Wells Fargo’s 30-year FHA is carrying a rate of 3.750% and an APR amounting to 3.998%.
Speaking of adjustable rate mortgages, the 5-year ARM package at Wells Fargo retained its strength this week, and it’s available today at a rate of 2.250% and an annual percentage rate of 3.145%.
Mortgage rates at Chase (NYSE:JPM) remained firm coming to midweek, as the 30-year FRM is still available at a rate of 3.875% and an APR of 3.957%, while the 15-year fixed deal can be picked up for as low as 3.000% and an APR variable of 3.107%.
The ARM packages at Chase remained nearly unchanged as well, with the 7/1 ARM beginning at 2.625% and an APR yielding to 3.088%, still offering a great value for those borrowers who are willing to take the plunge. The 5-year ARM deal can be secured at a low rate of 2.375% and an APR of 3.060%.