Bank of America Mortgage Rates As Low As 4.25%

For example, if you are buying a home or looking to refinance in Georgia, a $200,000 loan on a Bank of America 30-year fixed mortgage rate would be at 4.75% with an APR of 4.908%. It would generate a monthly payment of $1,043.29.

While mortgage rates are generally going to be different by state, loan amount, and personal credit rating, a 15-year mortgage from Bank of America today would be at 4.375% paying 0.875 of a point. A 5/1 adjustable Bank of America mortgage rate is at 4.25%, and a 3/1 arm is at 4.5%. '

Any first time home buyers looking to capitalize on the $8,000 Federal tax credit can also benefit from Bank of America mortgage rates as well. First time home buyers, with the same scenario above, can obtain a 30-year fixed mortgage for 4.65%. The 30-year fixed mortgage is not the only option however. The 15-year fixed mortgage is at 4.25%, and if you are a first time home buyer who may be in your new home for less than 5 years, a 5/1 ARM may be worth looking into at 4.125% for five years.

Make sure you double check those points and fees, but not only the Bank of America mortgage rates but the other lending institution mortgage rates have not been this low in decades. Couple these loan rates with housing prices that are more than 20% lower than peak housing prices in 2006 and the affordability of real estate has possibly never been so strong.

The author Hank Bailey is real estate broker in the state of Georgia. He blogs at athensproperties.wordpress.com/.

hankbailey@kw.com
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