North Carolina-based lender, Bank of America (NYSE:BAC) revised its mortgage loan information for Monday, November 17. Updated details on Bank of America’s current mortgage interest rates and APRs are listed below. BofA, 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 bank.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.750%, 1.273 discount points, 3.945% APR
15-Year Fixed-Rate Mortgage: 3.125%, 0.676 discount points, 3.376% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.000%, 0.926 discount points, 4.168% APR
15-Year Fixed-Rate Mortgage: 3.250%, 0.958 discount points, 3.543% 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.
Regarding national mortgage application volume, the Mortgage Bankers Association (MBA) published the results of its weekly survey last week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, headed lower 0.9% on a seasonally adjusted basis in the week ended November 7. Loan applications for mortgage refinancing dipped 2%, according to the MBA’s survey. The Purchase Index declined 1%. The refinance share of total mortgage applications is holding steady at 63%, according to the latest data. On the other hand, the share of ARMs slipped to 7.1% from the previous 7.4%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications edged up to 9.6% from the former 9.5% that it carried a week earlier. Moreover, the share of VA loan applications increased to 11%, according to the weekly survey. The share of USDA mortgage applications hasn’t seen any changes, these type of loans account for 0.9% of total mortgage applications.
The average contract interest rate on the 30-year fixed mortgage rose by 2 basis points to 4.19%, according to the MBA. As far as the 15-year FRM is concerned, the average rate stayed firm at 3.38%, the MBA’s survey showed.
Switching to current average mortgage interest rates, Virginia-based housing finance company, Freddie Mac reported last week that the average rate on the 30-year fixed mortgage eased to 4.01% from the former 4.02%. On the other hand, the average rate on the shorter-term 15-year fixed mortgage improved slightly, now it stands at 3.20%. Looking at the 5-year Treasury-indexed hybrid adjustable rate loan, the mortgage rate soared to 3.02%. The average rate on the 1-year ARM came in at 2.43%, 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 take a look at the lender’s website.