Mortgage interest rates are looking a little better today and continuing the hovering pattern at 4.875% or better across the nation’s biggest lenders. Although the stock market ended up yesterday on news that Saudi Arabia would pump more oil to make up for Libyan declining production, the positive sentiments were not strong enough to have a negative impact on mortgage rates.
30 year fixed mortgage rates are currently 4.75% at Bank of America (NYSE: BAC) with an APR of 4.967%. Wells Fargo (NYSE: WFC) is still at 5.00% with a 5.404% APR. Chase Bank is also at 5.00% but with an APR of 5.077%. And CitiMortgage is offering 4.875% with a 5.167% APR. The rates quoted above are for home purchase loans.
15 year fixed contracts at Bank of America are 4.125% with a 4.475% APR. Wells Fargo’s 15 year deals are 4.25% as is Chase Bank’s. CitiMortgage is offering a flat 4.00% for the loan with a 4.606% APR.
Refinance mortgage rates at Wells Fargo start at 4.875% for the 30 year fixed loan and 4.75% for the FHA version of the loan. The 15 year fixed contract is quoted at 4.25% with a 4.573% APR and 5 year ARM’s are 3.375%.
At Bank of America the 30 year fixed refi is 4.875% and the 15 year refinance mortgage rate is 4.125%.
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