By Romesh Navaratnarajah:

US mortgage rates rose slightly from record lows last week following news that the European Central Bank will implement measures to control borrowing costs in Spain and Greece.

Last week, average 30-year fixed rate mortgages fell below 3.5 percent for the first time, noted Freddie Mac. Currently, the rate stands at 3.49 percent, making refinancing and home buying more appealing to customers able to meet the strict loan requirements.

At the same time, the 15-year fixed rate mortgage slid to 2.80 percent from 2.83 percent in the previous week.

Bank of America is also offering attractive deals in refinancing and new mortgages. The 30-year fixed rate loan stands at 3.875 percent and comes with an annual percentage rate (APR) of 4.036 percent while its 15-year counterpart stands at 3.125 percent with a competitive APR of 3.369 percent.

On the other hand, Citibank’s 30-year fixed rate mortgage stands at 3.875 percent with an APR of 4.029 percent; while the 15-year fixed rate mortgage stands at 3.125 percent with an APR of 3.411 percent.


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