30-Year Mortgage Rates: Bank of America Current Home Loans and Refinance Mortgage Rates for June 4

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30-Year Mortgage Rates: Bank of America Current Home Loans and Refinance Mortgage Rates for June 4U.S. lender, Bank of America (NYSE:BAC), updated its mortgage rate sheet for June 4, 2015. Information on the bank’s conventional and non-conventional home loan rates and annual percentage rates (APRs) can be be found below. BofA, one of the biggest mortgage providers in the country, provides attractive interest rates under both its home purchase and refinance loan programs, so those who are looking to invest either in a new / used home or to refinance an existing loan, may find some suitable loan products at this bank.

Bank of America Home Purchase Rates

30-Year Fixed-Rate Mortgage: 3.875%, 1.106 discount points, 4.075% APR
15-Year Fixed-Rate Mortgage: 3.125%, 0.710 discount points, 3.407% APR
7/1 Adjustable Rate Mortgage (ARM): 2.750%, 0.932 discount points, 3.053% APR
5/1 Adjustable Rate Mortgage (ARM): 2.500%, 1.078 discount points, 3.005% APR
30-Year Fixed-Rate Jumbo Loan: 3.625%, 1.180 discount points, 3.769% APR
15-Year Fixed-Rate Jumbo Loan: 3.250%, 0.833 discount points, 3.451% APR

Bank of America Refinance Rates

30-Year Fixed-Rate Mortgage: 4.000%, 1.292 discount points, 4.217% APR
15-Year Fixed-Rate Mortgage: 3.125%, 0.921 discount points, 3.436% APR
7/1 Adjustable Rate Mortgage (ARM): 2.875%, 1.151 discount points, 3.128% APR
5/1 Adjustable Rate Mortgage (ARM): 2.625%, 1.004 discount points, 3.042% APR
30-Year Jumbo Loan: 4.000%, 0.951 discount points, 4.130% APR
15-Year Jumbo Loan: 3.500%, 0.919 discount points, 3.718% APR

Please, bear in mind, that the present mortgage interest rates may vary without prior notice from the lender and are subject to change based on location, geography and other terms and conditions. The annual percentage rates (APR) were made based on discount points, origination fees, average loan fees and closing costs.

► Compare Today’s Mortgage Rates and Find The Best Loans

On a different note, the Mortgage Bankers Association (MBA) disclosed the results of its latest weekly survey this week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, fell 7.6% on a seasonally adjusted basis in the week ended May 29. Loan applications for mortgage refinancing decreased 12%, according to the organization’s data. The Purchase Index edged down 3% in the said period. The refinance share of total mortgage applications declined to 49% from the previous 51%, according to the latest data.

On the other hand, the share of ARMs sank to 6.1% from 6.4% in the prior week. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications ticked up to 14.9% from the former 14.5% that it carried before. Now, the share of VA loan applications edged up at 12%, according to the weekly survey. The share of USDA mortgage applications climbed in the said period, these type of loans account for 1.0% of all mortgage applications.

The average contract interest rate on the 30-year fixed mortgage headed lower by 5 basis points to 4.02%, according to the MBA. As far as the 15-year FRM is concerned, the average rate came in at 3.27%, a downtick of 2 basis points, according to the MBA’s data.

Freddie Mac, which is based in McLean, VA, said on Thursday, that the interest rate on the 30-year fixed mortgage remained unchanged at 3.87%. Meanwhile, the average rate on the shorter-term 15-year fixed loan drifted lower to 3.08% this week. A week earlier this type of mortgage loan averaged a rate of 3.11%, according to Freddie Mac.

Consumer financial services company, Bankrate also published its weekly mortgage survey, which revealed that the interest rate on the 30-year mortgage increased to 4.03% this week. The interest rate on the shorter-term, 15-year mortgage ticked up at 3.26%, according to the survey. The interest rate on the 5/1 ARM ticked up in the company’s latest survey, this type of mortgage is now coming out at 3.18%.

For additional details on the latest home purchase and refinance mortgage interest rates at Bank of America, as well as information on borrowing terms and conditions and loan assumptions, please visit the bank’s website.