Current Mortgage Rates: Bank of America, Wells Fargo and Chase Home Purchase Rates for February 22
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%.