Major U.S. lender, Bank of America (NYSE:BAC) disclosed the updated mortgage information for its conventional loans on Thursday, February 26. Updated details on 30-year and 15-year home mortgage loans, discount points and annual percentage rates (APRs) are listed below. BofA, one of the largest mortgage providers in the country, provides 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 options at this financial institution.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.625%, 1.205 discount points, 3.816% APR
15-Year Fixed-Rate Mortgage: 2.875%, 1.257 discount points, 3.215% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 3.875%, 1.016 discount points, 4.053% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.248 discount points, 3.339% 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.
In other mortgage-related news, the Mortgage Bankers Association (MBA) published the results of its latest weekly survey this week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, dropped 3.5% on a seasonally adjusted basis in the week ended February 20. Loan applications for mortgage refinancing tumbled 8%, according to the organization’s data. The Purchase Index improved 5%. The refinance share of total mortgage applications dipped to 62% from 66%, according to the latest data.
On the other hand, the share of ARMs plummeted to 5.2%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications increased to 15.3% from the former 15.2% that it carried before. Now, the share of VA loan applications soared to 9.6%, according to the weekly survey. The share of USDA mortgage applications remained unchanged last week, these type of loans account for 0.9% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage surged by 6 basis points to 3.99%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is hovering at 3.28%, an uptick of 4 basis point, according to the MBA’s data.
Government-sponsored housing firm, Freddie Mac reported this Thursday, that the interest rate on the 30-year fixed loan escalated to 3.8% from the previous 3.76%. Meanwhile, the average rate on the shorter-term 15-year fixed loan edged up to 3.07% this week. Previously this type of mortgage loan averaged a rate of 3.05%, according to the housing giant.
Consumer financial services company, Bankrate also disclosed its weekly mortgage survey, which showed that the interest rate on the 30-year mortgage ticked down to 3.9% this week. The interest rate on the shorter-term, 15-year mortgage dropped by 6 basis point to 3.15%, according to the survey. The current rate on the 5/1 ARM dipped in the company’s survey, this type of loan is now coming out at 3.22%.
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 check the bank’s website.