U.S. lender, Bank of America (NYSE:BAC), revised its mortgage rate sheet for April 16, 2015. The latest information on the bank’s conventional and non-conventional mortgage rates and annual percentage rates (APRs) can be be found below. BofA, one of the biggest mortgage providers in the country, offers excellent 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 mortgages at this financial institution.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.500%, 1.518 discount points, 3.715% APR
15-Year Fixed-Rate Mortgage: 2.875%, 0.674 discount points, 3.129% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 3.750%, 1.097 discount points, 3.933% APR
15-Year Fixed-Rate Mortgage: 3.000%, 0.872 discount points, 3.283% 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.
On a different note, the Mortgage Bankers Association (MBA) disclosed the results of its latest weekly survey during this week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, declined 2.3% on a seasonally adjusted basis in the week ended April 10. Loan applications for mortgage refinancing fell 2%, according to the organization’s data. The Purchase Index sank 3%. The refinance share of total mortgage applications rose to 58% from the previous 57%, according to the MBA’s survey.
On the other hand, the share of ARMs decreased to 5.4%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications increased to 13.5% from the former 13.2% that it carried before. Now, the share of VA loan applications increased to 11.1%, according to the weekly survey. The share of USDA mortgage applications remained steady 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 1 basis point to 3.87%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.16%, an increase of 1 basis point, 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 edged up to 3.67% from the previous 3.66%. On the other hand, the interest rate on the shorter-term 15-year fixed mortgage drifted higher to 2.94% this week. Previously this type of mortgage loan was hovering at a rate of 2.93%, according to the firm.
A different company, Bankrate also released its weekly mortgage survey, which showed that the interest rate on the 30-year conventional loan improved to 3.79% this week. The interest rate on the shorter-term, 15-year mortgage inched down by 1 basis point to 3.03%, according to the survey. The current rate on the 5/1 adjustable rate mortgage drifted higher in the company’s survey, this type of loan is now coming out at 3.08%.
For more 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.