Top U.S. financial institution, Bank of America (NYSE:BAC) disclosed the updated mortgage information for its conventional loans on Friday, December 5. The latest information on 30-year and 15-year fixed rate loans, discount points and annual percentage rates (APRs) can be found below. Bank of America, one of the largest 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 ideal loan packages at this lender.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.750%, 0.962 discount points, 3.932% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.025 discount points, 3.447% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 3.875%, 1.167 discount points, 4.075% APR
15-Year Fixed-Rate Mortgage: 3.375%, 0.926 discount points, 3.686% 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.
Switching to current mortgage activity, the Mortgage Bankers Association (MBA) published the results of its weekly survey this mid-week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, sank 7.3% on a seasonally adjusted basis in the week ended November 28. Loan applications for mortgage refinancing declined 13%, according to the MBA’s survey. The Purchase Index increased 3%. The refinance share of total mortgage applications dropped to 60%, according to the latest data from the organization. On the other hand, the share of ARMs decreased to 6.7% from the previous 7%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications ticked down to 9.3% from the former 9.4% that it carried before. Moreover, the share of VA loan applications tumbled to 9.4%, according to the weekly survey. The share of USDA mortgage applications hasn’t experienced any movement, these type of loans account for 0.8% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage slipped by 7 basis points to 4.08%, according to the MBA. As far as the 15-year FRM is concerned, the average rate came in at 3.30%, the MBA’s survey revealed.
In other news, Freddie Mac reported on Thursday, that the average rate on the 30-year fixed mortgage decreased to 3.89% from the former 3.97%. On the other hand, the average rate on the shorter-term 15-year fixed mortgage sank to 3.10% this week. Looking at the 5-year Treasury-indexed hybrid adjustable rate loan, the mortgage rate slipped to 2.94%. The average rate on the 1-year ARM headed lower to 2.41%, according to the organization’s national weekly survey.
For additional 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 financial institution’s website.