Bank of America is currently offering mortgages at extremely low interest rates. Mortgage rates are a very important factor when it comes to obtaining a home loan or refinancing your existing loan. If you are one of millions looking to pursue either of these options we encourage you to keep an eye on interest rates daily as they happen to change frequently.
Today, BofA is currently offering a thirty-year fixed rate mortgage (FRM) at 4.750%,unchanged from yesterday’s average. For a thirty-year fixed interest-only mortgage the current rate is now 5.375%, also unchanged.
Two other common types of home loans are the five-year adjustable-rate mortgage (ARM) and the three-year ARM. Currently the five-year ARM is averaging 3.250%, while the five-year interest-only ARM is at 3.625%.