Refinance mortgage rates edged higher at Bank of America (NYSE:BAC), according to the lender’s latest published rate information. This Thursday sees BofA’s 30-year fixed refinance loan being advertised at a rate of 3.750% and it’s accompanied by an annual percentage rate (APR) of 3.878%. This is slightly higher than Wednesday’s 3.625% rate. As far as the 15-year fixed alternative is concerned, borrowers will see a rate of 3.000%, which is higher than the previous 2.875% rate. Interest rates on certain flexible ARMs for home refinancing have also seen slight changes, whilst rates on home purchase loans remained unchanged today. For more information on the latest mortgage interest rates, please check the data below. Bank of America, one of the country’s largest mortgage lender, offers excellent interest rates under both its home purchase and refinance programs, so those who are looking to invest either in a new / used home or to refinance an existing loan, may find some suitable loan options at this lender.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.500%, 1.375 discount points, 3.678% APR
15-Year Fixed-Rate Mortgage: 2.750%, 0.625 discount points, 2.955% APR
5/1 Adjustable Rate Mortgage (ARM): 2.000%, 1.000 discount points, 2.799% APR
7/1 Adjustable Rate Mortgage (ARM): 2.500%, 0.750 discount points, 2.893% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 3.750%, 0.750 discount points, 3.878% APR
15-Year Fixed-Rate Mortgage: 3.000%, 0.750 discount points, 3.225% APR
5/1 Adjustable Rate Mortgage (ARM): 2.375%, 0.875 discount points, 2.917% APR
7/1 Adjustable Rate Mortgage (ARM): 2.625%, 0.875 discount points, 2.960% 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.
Following three straight weeks of declines, U.S. mortgage application activity climbed 14.8% on a seasonally adjusted basis, in the week ended March 1, an industry group reported back on Wednesday. According to the results of the Mortgage Bankers Association’s (MBA) weekly survey, the number of filed applications for home refinancing rose 14.8%, while loan requests for home purchases were up 15%, the MBA said. The share of refinance applications out of total mortgage activity held steady at 77% last week.
As far as current national average rates are concerned, mortgage-buyer Freddie Mac announced earlier today, that the average rate on the 30-year fixed mortgage moved higher to 3.52% from the previous 3.51% that it carried a week earlier. The average rate on the 15-year fixed loan held steady at 2.76%, according to Freddie Mac.
For more information on current home purchase and refinance mortgage rates at Bank of America, as well as details on borrowing terms and conditions and loan assumptions, please take a visit to the lender’s website.