Charlotte, NC-based Bank of America is offering a current mortgage rate of 4.875% on a 30-year fixed, with borrowers paying a 1.125-point Origination Fee. When Total Mortgage Services rolled out their rate sheets this morning, the current mortgage rates on the same 30-year fixed was also 4.875%, but paying no points, while 4.625% was the matching rate with a 1-point Origination Fee.
In the end, Total Mortgage Services is offering the same product with a lower current mortgage rate by an amazing .250%. On a loan size of $300,000, that’s a monthly savings of $46 or $552 per year. Over the life of the loan, that’s a savings of $16,560.
| Product | Bank of America Mortgage Rates | Total Mortgage Mortgage Rates |
| 30-Year Fixed | 4.875% | 4.625% |
| 15-Year Fixed | 4.375% | 4.125% |
| 5-Year ARM | 3.875% | 3.500% |
| 30-Year Fixed Jumbo | 5.750% | 5.625% |
Note: Current mortgage rates change each business day, often several times throughout the day. Bank of America mortgage rates quoted from mortgage rates page of www.bankofamerica.com from 11:30 a.m. on Friday, September 11, 2009.
Similary, for the 15-year fixed, Total Mortgage Services is offering a current mortgage rate of 4.375% paying no points, and the 5-year ARM is 3.875% paying no points. The current mortgage rate for the 30-year fixed jumbo is 5.625%, paying 1.125 points, while Bank of America is charging 1.125 points for the same product at 5.750%.
Based on HSH Associates Financial Publishers (HSH), the national average for current mortgage rates is 5.500% on a 30-year fixed-rate mortgage, 4.910% on a 15-year fixed-rate mortgage and 4.640% on a 1-year ARM.
To take advantage of these low rates, call Total Mortgage Services at 877-868-2503 and speak to a licensed mortgage professional now!
Loading ...
RSS feed for comments on this post. TrackBack URL
Leave a comment