Bank of America (NYSE:BAC), which is one of the largest lenders in the U.S., updated its mortgage information for Friday, March 13. For details on the North Carolina-headquartered bank’s updated mortgage interest rates and APRs, please check the data below. BofA, 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 mortgage, may find some suitable mortgage products at this lender.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.750%, 0.672 discount points, 3.911% APR
15-Year Fixed-Rate Mortgage: 3.000%, 0.680 discount points, 3.275% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 3.875%, 1.094 discount points, 4.073% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.287 discount points, 3.363% 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.
Looking at national mortgage news, the Mortgage Bankers Association (MBA) published the results of its latest weekly survey on Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, decreased 1.3% on a seasonally adjusted basis in the week ended March 6. Loan applications for mortgage refinancing tumbled 3%, according to the organization’s data. The Purchase Index improved 2%. The refinance share of total mortgage applications dipped to 60% from the previous 62%, according to the latest data.
On the other hand, the share of ARMs advanced to 5.6%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications slipped to 14% from the previous 14.6% that it carried before. Now, the share of VA loan applications soared to 10.8%, according to the weekly survey. The share of USDA mortgage applications remained unchanged in the said period, these type of loans account for 0.8% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage drifted higher by 5 basis points to 4.01%, according to the MBA. This marks the highest rate for this type of mortgage loan since the week ending January 2, 2015. As far as the 15-year FRM is concerned, the average rate came in at 3.29%, an increase of 2 basis points, according to the MBA’s survey. The current rate on the 15-year fixed loan is the highest since the week ending December 26, 2014.
Government-sponsored housing firm, Freddie Mac reported on Thursday, that the average rate on the 30-year fixed mortgage decreased to 3.86% from the previous 3.75%. On the other hand, the average rate on the shorter-term 15-year fixed loan fell to 3.10% this week. A week earlier this type of mortgage loan was hovering at a rate of 3.03%, according to the firm.
Bankrate also published its weekly mortgage survey, which revealed that the interest rate on the 30-year mortgage drifter higher to 3.97% this week. The interest rate on the shorter-term, 15-year mortgage ticked up by 2 basis point to 3.18%, according to the survey. The interest rate on the 5/1 ARM dropped in the company’s survey, this type of loan is now standing at 3.23%.
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 check the bank’s website.