Yields on U.S. treasury bonds continued their downward movement today and mortgage interest rates also moved lower during the day. Demand for mortgage-backed-securities (MBS) rose, which pushed prices higher. As a result mortgage rates headed lower on Thursday.
At U.S. lender, Bank of America (NYSE:BAC), the 30-year fixed conventional home loan is published at a rate of 4.000%. As far as the 15-year fixed home loan is concerned, the interest rate hovers at 3.125%. BofA advertises more flexible loans as well, including the 7/1 adjustable rate mortgage (ARM). Currently, this type of home loan is quoted at a rate of 2.875%. The 5/1 ARM, on the other hand, is listed at a rate of 2.625%.
Switching to Bank of America’s current refinance rates, the long-term, 30-year FRM is available today at a rate of 4.125%. The 15-year fixed refinance loan is holding firm this Thursday, as the mortgage rate is coming out at 3.125%. Looking at additional home refinancing options, the 7-year ARM has a daily low rate at 3.000%. Borrowers, who consider the 5/1 ARM for home refinancing purposes, can expect to pay 2.750% interest cost. Check the details below for more information on Bank of America’s mortgage rates, discount points and APRs.
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 loan, may find some ideal mortgage options at this financial institution.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.000%, 0.537 discount points, 4.146% APR
15-Year Fixed-Rate Mortgage: 3.125%, 0.679 discount points, 3.389% APR
5/1 Adjustable Rate Mortgage (ARM): 2.625%, 0.800 discount points, 2.854% APR
7/1 Adjustable Rate Mortgage (ARM): 2.875%, 1.165 discount points, 2.986% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.125%, 0.539 discount points, 4.272% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.019 discount points, 3.437% APR
5/1 Adjustable Rate Mortgage (ARM): 2.750%, 1.075 discount points, 2.919% APR
7/1 Adjustable Rate Mortgage (ARM): 3.000%, 1.157 discount points, 3.043% 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, climbed 3.6% on a seasonally adjusted basis in the week ended May 9. Loan applications for mortgage refinancing advanced 6.8%, according to the MBA’s survey. The Purchase Index, on the other hand, slipped 0.1% compared to the previous week’s data. The refinance share of total mortgage applications edged up to 50% from 49% that it held before, the MBA announced.
The average contract interest rate on the 30-year fixed mortgage decreased to 4.39%, according to the MBA. A week earlier it stood at 4.43%. The current mortgage interest rate is the lowest one since November 2013. As far as the 15-year FRM is concerned, the average rate tumbled to 3.48% from the previous 3.52%, the lowest mortgag rates for this type of loan since November 2013.
Virginia-based housing finance company, Freddie Mac published the results of it weekly mortgage survey on Thursday, which showed that the average rate on the 30-year fixed mortgage dropped to 4.2%. This is a slightly lower mortgage interest rate compared to the previous 4.21% that it had a week earlier. On the other hand, the average rate on the shorter-term 15-year fixed mortgage tumbled by 3 basis points to 3.29% this week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, the mortgage rate improved to 3.01%. The average rate on the 1-year ARM remained unchanged at 2.43%, 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 head over to the bank’s website.