Current Mortgage Rates – Bank of America

Pricing has remained very attractive with the 10 year treasury currently at 1.59%.  This is largely driven by the Coronavirus and could swing higher coming weeks.  Regular Fannie Mae limits have increased to $510,400 and $765,600 in high balance counties.  Current Fannie Mae pricing on 30 year fixed with 740 credit scores is 3.375% (3.449% APR).

Keep in mind the Bank of America Down Payment and Closing Cost Grant program up to $17,500.  Qualification is based on income or subject property location. Income limits

$86,480  Middlesex/Somerset/Monmouth

$78,880 Union/Essex/Morris/Hunterdon

$63,440 Passaic

Jumbo pricing starts at $510,401 and current rates below not reflecting any relationship discounts.

Purchase

780+ credit

20% down

3.25% 30 year fixed (3.279% APR)  True 30 year fixed not a 15/15 loan that changes in 15 years

3.125%   20 year fixed (3.165% APR)

2.625%   10/1 ARM (3.3245% APR) True 10 year arm not a 5/5 that could jump to close to 5% higher on payment 61. 

2.5%    7/1 ARM (3.401% APR)

2.25%  5/1 ARM (3.495% APR)

2.875%  15 year fixed (2.927% APR)

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Jennifer Blanchard is a Top Producing real estate agent in Basking Ridge with over 18 years of experience. She would love the opportunity to discuss any real estate questions you have.

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