U.S. financial institution, Bank of America (NYSE:BAC), revised its mortgage rate sheet for Wednesday, February 25. Detailed information on the bank’s latest conventional and non-conventional home loan rates and annual percentage rates (APRs) can be be found below. Bank of America, one of the largest mortgage providers in the country, provides excellent mortgage 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 solutions at this lender.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.625%, 1.101 discount points, 3.807% APR
15-Year Fixed-Rate Mortgage: 2.875%, 1.104 discount points, 3.193% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 3.875%, 0.902 discount points, 4.043% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.099 discount points, 3.317% 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.
With regards to mortgage application activity, the Mortgage Bankers Association (MBA) released 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, edged down 3.5% on a seasonally adjusted basis in the week ended February 20. Loan applications for mortgage refinancing tumbled 8%, according to the organization’s data. The Purchase Index climbed 5%. The refinance share of total mortgage applications dipped to 62% from 66%, according to the MBA’s survey.
On the other hand, the share of ARMs fell to 5.2%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications grew to 15.3% from the former 15.2% that it carried before. Now, the share of VA loan applications edged up to 9.6%, according to the weekly survey. The share of USDA mortgage applications remained unchanged last week, these type of loans account for 0.9% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage surged by 6 basis points to 3.99%, according to the MBA. As far as the 15-year FRM is concerned, the average rate came in at 3.28%, an uptick of 4 basis point, according to the MBA’s data.
Mortgage-buyer, Freddie Mac reported on Thursday, that the interest rate on the 30-year fixed loan increased to 3.76% from the previous 3.69%. In addition, the interest rate on the shorter-term 15-year fixed loan rose to 3.05% last week. Previously this type of mortgage loan averaged a rate of 2.99%, according to the organization.
Consumer financial services company, Bankrate also disclosed its weekly mortgage survey, which revealed that the interest rate on the 30-year mortgage climbed at 3.96% last week. The interest rate on the shorter-term, 15-year mortgage escalated by 4 basis point to 3.21%, according to the the latest data. The current rate on the 5/1 ARM headed lower in Bankrate’s survey, this type of loan is now hovering at 3.31%.
For further 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 lender’s website.