Following yesterday’s improvements in mortgage rates at Bank of America (NYSE:BAC), this mid-week its seems that rate levels have leveled off. Looking at BofA’s home loan portfolio on Wednesday, the standard 30-year fixed mortgage is listed at a rate of 4.125%, an increase compared to the former rate quote (4.000%) from Tuesday. With regards to the lender’s 15-year fixed home purchase loan, it’s holding firm at a rate of 3.125% since the beginning of the week.
The lender also revised the interest rates on its refinance loans today, but we haven’t noticed many alterations. The benchmark 30-year fixed home refinance loan starts at a rate of 4.125%, according to the latest data from BofA. As far as the 15-year refinance loan is concerned, which is a popular choice among borrowers, it’s listed at a rate of 3.250% on Wednesday. Further information on today’s mortgage interest rates, as well as details on 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 loan options at this financial institution.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.125%, 0.544 discount points, 4.273% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.101 discount points, 3.452% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.125%, 1.293 discount points, 4.337% APR
15-Year Fixed-Rate Mortgage: 3.250%, 0.958 discount points, 3.556% 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.
As far as mortgage applications volume is concerned, the Mortgage Bankers Association (MBA) disclosed the results of its weekly survey on Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, rose 1.9% on a seasonally adjusted basis in the week ended July 4. Loan applications for mortgage refinancing increased 0.4%, according to the MBA’s survey. The Purchase Index, on the other hand, advanced 3.7% compared to the previous week’s data. The refinance share of total mortgage applications ticked down by 1% to 52%, the MBA reported.
The average contract interest rate on the 30-year fixed mortgage climbed to 4.32%, according to the MBA. A week earlier it stood at 4.28%. As far as the 15-year FRM is concerned, the average rate declined to 3.40% from the previous 3.40%.
Virginia-based housing finance company, Freddie Mac published the results of it weekly mortgage survey last Thursday, which showed that the average rate on the 30-year fixed mortgage eased to 4.12%. This is a lower mortgage interest rate compared to the previous 4.14% that it had in the prior week. On the other hand, the average rate on the shorter-term 15-year fixed mortgage remained steady at 3.22% last week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, the mortgage rate is holding firm at 2.98%. The average rate on the 1-year ARM dropped to 2.38% last week, 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 information on borrowing terms and conditions and loan assumptions, please check the bank’s website.