Charlotte, NC-based lender, Bank of America (NYSE:BAC) revised its home purchase and refinance loan information for Monday, January 26. Updated data on BofA’s latest mortgage interest rates and APRs can be found 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 loan, may find some ideal loan options at this financial institution.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.500%, 1.329 discount points, 3.696% APR
15-Year Fixed-Rate Mortgage: 2.875%, 1.214 discount points, 3.202% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 3.750%, 0.967 discount points, 3.918% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.127 discount points, 3.441% 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) published the results of its latest weekly survey last week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, soared 14.2% on a seasonally adjusted basis in the week ended January 16. Loan applications for mortgage refinancing improved 22%, according to the organization’s data. The Purchase Index dipped 3%. The refinance share of total mortgage applications increased to 74%, according to the latest data.
On the other hand, the share of ARMs surged to 6.4%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications grew to 8.0% from the former 7.5% that it carried before. Now, the share of VA loan applications slipped to 9.4%, according to the weekly survey. The share of USDA mortgage applications fell, these type of loans account for 0.6% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage improved by 9 basis points to 3.80%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.10%, an improvement of 6 basis points, according to the MBA’s data.
Mortgage-finance company, Freddie Mac said last Thursday, that the average rate on the 30-year fixed mortgage ticked down to 3.63% from the former 3.66%. In addition, the average rate on the shorter-term 15-year fixed loan dropped to 2.93% last week. Previously this type of mortgage loan averaged a rate of 2.98%, according to the organization.
Bankrate also released its weekly mortgage survey, which showed that the interest rate on the 30-year conventional loan inched up to 3.81% last week. The current rate on the 30-year loan is 1 basis point higher compared to data from a week earlier. The rate on the shorter-term, 15-year mortgage surged by 7 basis points to 3.18%, according to the survey. The current rate on the 5/1 ARM also escalated in Bankrate’s survey, this type of loan is now standing at 3.19%.
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 head over to the bank’s website.