Mortgage rates improved significantly today ahead of the release of Friday’s important economic data, the monthly Employment Situation Report. As an outcome a number of U.S. lenders, including Bank of America (NYSE:BAC), updated their rate sheets with lower mortgage rates.
Currently, the 30-year fixed conventional home loan is published at a rate of 4.125% at the Charlotte-based loan provider. As far as the 15-year fixed alternative is concerned, it’s coming out at 3.125%, a lower rate compared to the former 3.250% that it held on Wednesday. Switching to more flexible loans, the 7-year ARM is available today at a rate of 3.000%. No alterations were made to the 5/1 adjustable rate mortgage, which carries a rate of 2.625%, according to the lender’s mortgage information.
Looking at the best refinance rates at this lender, the 30-year FRM is quoted at a rate of 4.250% on Thursday. Those favoring the 15-year refinance loan, can expect to pay 3.250% interest cost. Additional home refinance loans include the 7/1 adjustable rate loan, which has a lending rate of 3.125%. With regards to the BofA’s 5/1 ARM loan schemes, the current mortgage interest rate hovers at 2.875%. For further details on today’s mortgage rates, please check the data below.
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 mortgage, may find some ideal mortgage options at this lender.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.125%, 0.533 discount points, 4.272% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.220 discount points, 3.469% APR
5/1 Adjustable Rate Mortgage (ARM): 2.625%, 1.031 discount points, 2.873% APR
7/1 Adjustable Rate Mortgage (ARM): 3.000%, 0.880 discount points, 3.022% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.250%, 0.598 discount points, 4.404% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.208 discount points, 3.593% APR
5/1 Adjustable Rate Mortgage (ARM): 2.875%, 0.887 discount points, 2.949% APR
7/1 Adjustable Rate Mortgage (ARM): 3.125%, 0.924 discount points, 3.084% 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) released the results of its weekly survey on Wednesday. According to the latest data, the Market Composite Index, which measures overall mortgage application volume, dipped 5.9% on a seasonally adjusted basis in the week ended April 25. The industry group’s weekly survey revealed that the number of applications reached its lowest level since December 2000. Loan applications for mortgage refinancing decreased 6.9%, according to the MBA’s survey. The Purchase Index, on the other hand, tumbled 4.4% compared to the previous week’s data. The refinance share of total mortgage applications declined further last week and now it stands at 50%, the MBA announced.
The average contract interest rate on the 30-year fixed mortgage hasn’t seen any changes, according to the MBA, it still hovers at 4.49%. As far as the 15-year FRM is concerned, the average rate edged down to 3.53% from the previous 3.55%.
Virginia-based housing finance company, Freddie Mac published the results of it weekly mortgage survey on Thursday, which revealed that the average rate on the 30-year fixed mortgage eased to 4.29%. This is a lower mortgage interest rate compared to the previous 4.33% that it had a week earlier. On the other hand, the average rate on the shorter-term 15-year fixed mortgage ticked down to 3.38% this week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, it advanced by 2 basis points to 3.05%. The average rate on the 1-year ARM followed the same path, it’s now coming out at 2.45%, 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 financial institution’s website.