Mortgage interest rates ticked up at most of the U.S. lenders in the first half of Tuesday due to weakness at bond markets. However, during the afternoon some of the lenders revised their rate sheets, which now show slightly lower rate levels.
Over at Bank of America (NYSE:BAC), the 30-year fixed home purchase loan is available at a rate of 4.125% on Tuesday. The 15-year home mortgage remained firm today, as the interest rate has been hovering at 3.250%, according to the updated mortgage information. Turning focus to the lender’s adjustable rate loan options, the 7/1 ARM is published at a rate of 3.000%. Borrowers, who are interested in the 5-year ARM, can expect to pay 2.750% in interest.
BofA also has several loan options for home refinancing purposes. Currently, the long-term, 30-year fixed mortgage is advertised at a rate of 4.250%, a competitive rate level to say the least. The 15-year refinance mortgage doesn’t look bad either, as it has an opening rate of 3.375%. With regards to flexible home refinancing options, the 7-year adjustable rate mortgage can be secured at a rate of 3.125%. Those who can afford to refinance with the 5-year ARM, will see the current interest rate on this loan package coming out at 2.875%. Further details on Bank of America’s latest mortgage interest rates, discount points and APRs can be found 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 deals at this lender.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.125%, 1.214 discount points, 4.316% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.171 discount points, 3.570% APR
5/1 Adjustable Rate Mortgage (ARM): 2.750%, 0.781 discount points, 2.888% APR
7/1 Adjustable Rate Mortgage (ARM): 3.000%, 1.130 discount points, 3.032% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.250%, 1.279 discount points, 4.448% APR
15-Year Fixed-Rate Mortgage: 3.375%, 1.071 discount points, 3.680% APR
5/1 Adjustable Rate Mortgage (ARM): 2.875%, 1.123 discount points, 2.958% APR
7/1 Adjustable Rate Mortgage (ARM): 3.125%, 1.156 discount points, 3.092% 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 last week. According to the latest data, the Market Composite Index, which measures overall mortgage application volume, dipped 3.3% on a seasonally adjusted basis in the week ended April 18. Loan applications for mortgage refinancing edged down 4%, according to the MBA’s survey. The Purchase Index, on the other hand, ticked down 3% compared to the previous week’s data. The refinance share of total mortgage applications tumbled to 51% from the previous 52%, the MBA said.
The average contract interest rate on the 30-year fixed mortgage moved up to 4.49%, according to the MBA’s survey. As far as the 15-year FRM is concerned, the average rate is up at 3.55%.
Virginia-based housing finance company, Freddie Mac published the results of it weekly mortgage survey last week, which revealed that the average rate on the 30-year fixed mortgage increased to 4.33%. This is a higher mortgage interest rate compared to the previous 4.27% that it had a week earlier. On the other hand, the average rate on the shorter-term 15-year fixed mortgage rose to 3.39% last week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, it hasn’t seen any changes according to the survey, as it stands at 3.03%. The average rate on the 1-year ARM is holding steady, it’s coming out at 2.44%, 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 bank’s website.