Mortgage interest rates dropped significantly on Friday, following increases in the earlier part of the week. On Friday, the Bureau of Labor Statistics released the employment report for March, which revealed that employers added 192,000 jobs last month. This figure slightly misses economists’ expectations of 200,000 jobs. Although, the current data looks pretty decent, it didn’t prove strong enough to put additional pressure on mortgage rates. Consequently, rate sheets came out much stronger than expected and many lenders lowered interest rates on Friday.
At Charlotte-headquartered major mortgage lender, Bank of America (NYSE:BAC), the 30-year fixed home loan is now advertised at a rate of 4.250%, down from the former 4.375% that it held on Thursday. Also making some improvement is the 15-year fixed conventional mortgage, which is quoted at a rate of 3.250%, a downtick of 0.125%. Heading over to more flexible loan options, the 7/1 ARM is available at Bank of America at a rate of 3.125%. The 5/1 ARM looks more attractive as well, as it can be secured at a rate of 2.750%.
Interest rates on home refinance loans also ticked down at BofA on Friday. Currently, the standard 30-year fixed refinance mortgage is listed at a rate of 4.375%. Compared to Thursday’s rate level this is an improvement of 0.125%. The popular 15-year refinance mortgage loan is coming out at a rate of 3.375% at this lender. With regards to additional mortgage refinancing options, BofA’s 7/1 adjustable rate home loan plans are starting at 3.250%, according to the bank’s data. The 5/1 ARM alternative is published at a rate of 3.000%. Check the details below for further information on Bank of America’s latest home purchase and refinance mortgage rates.
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 packages at this lender.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.250%, 0.926 discount points, 4.471% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.295 discount points, 3.673% APR
5/1 Adjustable Rate Mortgage (ARM): 2.750%, 1.097 discount points, 2.957% APR
7/1 Adjustable Rate Mortgage (ARM): 3.125%, 0.933 discount points, 3.121% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.375%, 1.173 discount points, 4.621% APR
15-Year Fixed-Rate Mortgage: 3.375%, 1.000 discount points, 3.757% APR
5/1 Adjustable Rate Mortgage (ARM): 3.000%, 0.876 discount points, 3.028% APR
7/1 Adjustable Rate Mortgage (ARM): 3.250%, 0.953 discount points, 3.182% 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 weekly survey on Wednesday. According to the latest data, the Market Composite Index, which measures overall mortgage activity, decreased 1.2% on a seasonally adjusted basis in the week ended March 28. Loan applications for mortgage refinancing plummeted dipped 3%, according to the MBA’s survey. The Purchase Index, on the other hand, climbed 1% compared to the previous week’s data. The refinance share of total mortgage applications decreased to 53% from the previous 54%, the MBA said. The ARMs share of total mortgage activity stayed firm at 8%.
The average contract interest rate on the 30-year fixed mortgage hasn’t seen any changes last week, it’s still hovering at 4.56%. As far as the 15-year FRM is concerned, the average rate currently stands at 3.62%, unchanged compared to data from a week earlier, the MBA’s data revealed.
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 advanced to 4.41%. This is a slightly higher interest rate compared to the previous 4.40% that it had a week earlier. On the other hand, the average rate on the shorter-term 15-year fixed mortgage surged to 3.47% this week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, it increased 2 basis points to 3.12%. The average rate on the 1-year ARM ticked up this week, and now it’s coming out at 2.45%, according to Freddie Mac’s survey.
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 check the financial institution’s website.