Fixed rate mortgages headed slightly higher today, which prompted a number of lenders to revise their rate sheets. At Charlotte-headquartered top lender, Bank of America (NYSE:BAC), the 30-year fixed home loan is quoted at a rate of 4.000% on Thursday. With regards to the shorter-term, 15-year FRM, it’s up for grabs at an interest cost equivalent to 3.000%.
Moving on to today’s best home refinance rates at this lender, the benchmark 30-year fixed loan is listed at a rate of 4.000%. Those favoring to refinance over 15 years, may want to consider BofA’s 15-year refinance loan, as it carries a competitive rate in the form of 3.125%. Further information on Bank of America’s current mortgage interest rates, discount points and APRs can be found below.
Bank of America, one of the country’s largest mortgage provider, offers excellent interest rates under both its home purchase and refinance mortgage programs, so those who are looking to invest either in a new / used home or to refinance an existing mortgage, may find some ideal mortgage options at this financial institution.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.000%, 0.724 discount points, 4.148% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.352 discount points, 3.343% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.000%, 1.354 discount points, 4.201% APR
15-Year Fixed-Rate Mortgage: 3.125%, 0.912 discount points, 3.403% 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.
As far as mortgage applications volume is concerned, the Mortgage Bankers Association (MBA) released the results of its weekly survey on Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, dropped 1.2% on a seasonally adjusted basis in the week ended May 28. Loan applications for mortgage refinancing fell 1.4%, according to the MBA’s survey. The Purchase Index, on the other hand, edged down 1.1% compared to the previous week’s data. The refinance share of total mortgage applications remained at 52%, the MBA announced.
The average contract interest rate on the 30-year fixed mortgage tumbled to 4.31%, according to the MBA. A week earlier it stood at 4.33%. The current mortgage interest rate is the lowest one since June 2013. As far as the 15-year FRM is concerned, the average rate ticked down to 3.42% from the previous 3.43%, the lowest mortgage rates for this type of loan since October 2013.
Virginia-based housing finance company, Freddie Mac released the results of it weekly mortgage survey on Thursday, which revealed that the average rate on the 30-year fixed mortgage declined to 4.12%. This is a lower mortgage interest rate compared to the previous 4.14% that it had a week earlier. On the other hand, the average rate on the shorter-term 15-year fixed mortgage improved by 4 basis points to 3.21% this week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, the mortgage rate remaimed firm at 2.96%. The average rate on the 1-year ARM dropped tot 2.41%, according to Freddie Mac’s data.
For more details on the latest home purchase and refinance mortgage interest rates at Bank of America, as well as details on borrowing terms and conditions and loan assumptions, please visit the financial institution’s website.